Gross Domestic Product Ghana meets GDP growth target for Q1 of 2016

The resurgence in the growth rate is being driven by a continues surge in the growth of the services sector of the economy.

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Economic Activity in Ghana play

Economic Activity in Ghana

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Latest figures from the Ghana Statistical Service have supported assertions that Ghana’s GDP growth rate for 2016 is on the rise.

According to the Statistical Service, the year-on-year GDP growth rate was 4.9 percent, in line with government’s annual projection for 2016, which is 4.9 percent.

The resurgence in the growth rate is being driven by a continues surge in the growth of the services sector of the economy.

The Ghana Statistical Service attributes it to stability in the supply of energy as well as the forex exchange rates over the first quarter of 2016.

READ MORE: International Monetary Fund Ghana to miss GDP, inflation and debt targets- IMF

Finance Minister Seth Terkper, told the Daily Graphic in an interview in Accra yesterday that the first quarter GDP growth was a reflection of the consolidation of Ghana’s turnaround story. 

“If you put this together with the exchange rate stability experienced for this year, there is a clear indication that we are poised to meet our macroeconomic objectives. This is good news and a necessary boost of confidence for investors, development partners and the entire Ghanaian population. We thank all Ghanaians who have borne with us during the fiscal consolidation process. 

“We want to assure everyone that the President and the entire government are committed to the macroeconomic  turnaround and consolidation of the turnaround clearly points to the fact that our policies are bearing the right fruits,” he said. 

The 4.9 per cent rate  for Q1 of  2016 compares to 4.5 per cent in 2015, negative 3.8 per cent in 2014 and 0.9 per cent for the same period in 2013