Ghana In Recession As Economist Analyses Data


A market analyst with Databank, Courage Martey says Ghana has gone into a specialized downturn following a withdrawal of the economy for a subsequent straight quarter in 2020.

Most recent temporary figures delivered by the Ghana Statistical Service show that the Ghanaian economy has contracted for the subsequent straight quarter, with the estimation of products and enterprises created in the third quarter of 2020 declining by 1.1 percent when contrasted with the estimation of merchandise and ventures delivered in a similar period in 2019.

The most recent withdrawal as indicated by the public authority analyst, Professor Samuel Kobina Annim was driven by negative development in the business and administration areas of the economy which both shrunk by negative 5.1% and negative 1.1% separately.

The Agriculture area then again recorded the most noteworthy development of 8.3% in the third quarter.

Courage Martey communicated his failure in the most recent advancement in a meeting with Citi Business news.

“Having contracted for the second successive quarter this year shows that in fact, we are in a downturn. It discloses to you the profundity of the scar that the COVID-19 pandemic has had on this economy. It is somewhat baffling on the grounds that high-recurrence information got from June shown that financial action was getting consistently to where there was trust that we could be edged marginally into a positive development.”

Mr. Martey is anyway hopeful the economy will revive in the positive development temporarily if the government continues the execution of key approach uplifting programs for different areas of the economy.

“On the off chance that you take a gander at the idea of the compression in quarter three (- 1.1 %), it is a more slow withdrawal when contrasted with the one in quarter two (- 3.2 %). It is an indication of progress through very moderate. It leaves us with motivation to be cheerful yet in addition with motivation to proceed with strategy uphold for the different areas of the economy for us to rise up out of this specialized downturn we wind up in.”

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