Ghana GDP Growth Accelerates to 23% 


,  as Oil Production Starts

June 22 (Bloomberg) -- Ghana's economic growth accelerated to an annual 23 percent in the first quarter as the West African nation began producing oil for export, the country's statistics agency said.

Growth compared with 9.5 percent in the fourth quarter, Grace Bediako, head of the Ghana Statistical Service, told reporters in the capital, Accra, today.

Expansion was led by a 162 percent jump in mining and quarrying, which includes the oil industry, while agriculture grew 39.2 percent. Ghana began production of oil from its offshore Jubilee field in December. Output is about 70,000 barrels a day and may climb to 120,000 next month, according to the field's operator, London-based Tullow Oil Plc.

"Base effects imply that industry will continue to show strong year-on-year growth from the second quarter to the fourth," Yvonne Mhango, a sub-Saharan Africa economist at Renaissance Capital, said in an e-mailed note today.

Ghana's currency, the cedi, gained 0.1 percent to trade at 1.5165 per dollar by 1:14 p.m. in Accra.

Gross domestic product expanded 7.7 percent last year, compared with growth of 4 percent in 2009, the statistical agency said May 11.

Faster growth does not pose a threat to the Bank of Ghana's monetary policy, Sampson Akligoh, an economist at Accra-based Databank Financial Services Ltd., said in an e-mailed note yesterday.

"Monetary policy will remain expansionary in line with inflationary expectations," Akligoh said.

The inflation rate fell for a third month in May, reaching 8.9 percent, the statistical service said June 15. The central bank cut its key lending rate to 13 percent from 13.5 percent last month, after leaving it unchanged for three consecutive meetings.

http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=211821

But they're not a 'giant of Africa' with thousands of square miles of land and billions of tiny, 'united' ethnic groups. This is impossible. A country with only one dominant nation, the Akan?

ezeagu:

But they're not a 'giant of Africa' with thousands of square miles of land and billions of tiny, 'united' ethnic groups. This is impossible. A country with only one dominant nation, the Akan?

even me sef, I am wondering.

And why shouldnt it grow?

God bless Ghana, carry on jare.

Nigeria should plz relinquish the "giant of africa" brand if she cannot live up to it.   Useless country, it's corruption that will dry up that country. Thank God for my blue passport, the green will continue to wear out.

Can someone plz calculate how much money we lost to corruption, how much investment we lost to lack of security and electricity, how much foreign investors we lost to fear of  kidnapping and regional chaos, this year?

Ghana, carry on jare, I'll soon be the first person with a tri-citizenship  

ezeagu:

But they're not a 'giant of Africa' with thousands of square miles of land and billions of tiny, 'united' ethnic groups. This is impossible. A country with only one dominant nation, the Akan?

It shows that even a small nation can become great.

Why won't they grow when they are so tiny?

It is ever intriguing to observe that the strongest lamentations and lambasting of Nigeria excrete from those 'nationals' who do not even reside in the country.

It's as if some people are inwardly afraid that the success of Ghana will somehow inhibit the success of their own nation. Reasonable people will say 'well done' and use such success to motivate them to do better but some choose to dally in self pity and deprecation as if it is the maximum portrayal of 'humility'

Well done Ghana.

Nigerians are busy calling names and killing innocent people and still nothing to show for it.I now believe in aburi we stand!!!

Emofine is a fine babe without pimples.

emofine:

It is ever intriguing to observe that the strongest lamentations and lambasting of Nigeria excrete from those 'nationals' who do not even reside in the country.

It's as if some people are inwardly afraid that the success of Ghana will somehow inhibit the success of their own nation. Reasonable people will say 'well done' and use such success to motivate them to do better but some choose to dally in self pity and deprecation as if it is the maximum portrayal of 'humility'

Well done Ghana.

Please tell them! you are the best

Ghana welcome to the CLUB of Corruption . We cannot teach you people anything, we can only help them discover
it within themselves. Oil Boom has challenges as well. 'All that glitters is not gold'.

I hope this growth can be sustained?

Syenite:

, but they just experienced an inflation rate of 23% even with a rise in GDP of 23%? Economists in the house please help us out with this.

GDP is not the same as inflation. GDP can increase without increase or decrease in inflation. GDP and Inflation are two different things.

Gross domestic product (GDP) refers to the market value of all final goods and services produced within a country in a given period. It is often considered an indicator of a country's standard of living.

Ghana just got a 23% increase in the market value of its goods caused by Oil production output.

Whats our business

Mtcheew.

No doubt Ghana would soon become a model for Africa as I had predicted since the country began oil exploration.  They would soon make Nigeria look like nothing and it would take just a few years for them to accomplish that.  I see them achieving vision 20-20-20 even though they have not been making any noise about it.  And Ghanains are very passionate about their hatred for Nigerians.  I have interacted with them outside Nigeria in foreign countries and I know fully well that they hate Nigerians like hell.  I pity Nigerian when Ghana truly becomes the real "Giant of Africa", which I foresee to happen in very near future.  

Shame to Nigeria and all our rulers both past and present for making us look like a joke in the eyes of the whole world.  Other citizens from different developed and developing countries should be fighting to come to Nigeria to seek greener pastures if our leaders and rulers had used the nation's money for the development of the nation.  Rawlings cleaned by eliminating all the corrupt elements in the country and created an atmosphere for a new beginning and prosperity for Ghana.  Nigeria needs to do just that and we need such a change or revolution that would completely eliminate all the looters of our national treasury and using all their lootings to revamp our dead economy.  Only such a move would bring about a complete change and turnaround in our country's fortune and put a smile on the face of the common man.  

Nigeria likes to make too much noise and create so many organisations, legislation and projects all of them aimed at achieving nothing but to embezzle government money.  One thing that I have heard too often that Nigeria has in abundance is "potential".  Nigeria has got the potential to do this or that.  Nigeria has got the potential to become this or that.  When all those potentials that Nigeria has would be put to use becomes a question that has no answer.  A BIG SHAME TO US AS A NATION.

bigdoo:

No doubt Ghana would soon become a model for Africa as I had predicted since the country began oil exploration. They would soon make Nigeria look like nothing and it would take just a few years for them to accomplish that. I see them achieving vision 20-20-20 even though they have not been making any noise about it. And Ghanains are very passionate about their hatred for Nigerians. I have interacted with them outside Nigeria in foreign countries and I know fully well that they hate Nigerians like hell. I pity Nigerian when Ghana truly becomes the real "Giant of Africa", which I foresee to happen in very near future.

Shame to Nigeria and all our rulers both past and present for making us look like a joke in the eyes of the whole world. Other citizens from different developed and developing countries should be fighting to come to Nigeria to seek greener pastures if our leaders and rulers had used the nation's money for the development of the nation. Rawlings cleaned by eliminating all the corrupt elements in the country and created an atmosphere for a new beginning and prosperity for Ghana. Nigeria needs to do just that and we need such a change or revolution that would completely eliminate all the looters of our national treasury and using all their lootings to revamp our dead economy. Only such a move would bring about a complete change and turnaround in our country's fortune and put a smile on the face of the common man.

Nigeria likes to make too much noise and create so many organisations, legislation and projects all of them aimed at achieving nothing but to embezzle government money. One thing that I have heard too often that Nigeria has in abundance is "potential". Nigeria has got the potential to do this or that. Nigeria has got the potential to become this or that. When all those potentials that Nigeria has would be put to use becomes a question that has no answer. A BIG SHAME TO US AS A NATION.

Can GEJ remove all the looters? No.

Why did Nigerians vote GEJ knowing he cannot remove all the looters? Sentiment.

Nigerians and the economy are as good as the looters they vote into power.

Buhari or Ribadu would have given Nigerians a better deal. Since Nigerians chose GEJ, Nigerians must live with the choice for the next four years.

The next thing now u'll see some not-do-well Nigerians carrying thier Nigeria-must-go bags to Ghana for "greener pastures".

I think we need to either revolutionize or break this thing called Nigeria into smaller sizes.
Am "overgasted" and "flabberwhelmed" by the manner in which our so-called leaders siphon the resources of this country despite the fact that the decay in the system is very apparent which makes me to question their mental uprightness. No sector in this country is workin, is it d agric, economic, education or power, nt mentioning infrastructural development or security.
My heart bleeds

With the money of black gold come institutional corruption and economic back wardness. Ghana should take a cue from Naija and not make similar mistakes.

Syenite:

The next thing now u'll see some not-do-well Nigerians carrying there Nigeria-must-go bags to Ghana for "greener pastures".

Nigerians are in Ghana already for greener pastures.

Example 1: Many Nigerian leaders sent their children to Ghana for studies.

Example 2: Many Nollywood Actors/Actresses are now in Ghana doing their stuffs.

12 Fastest growing economies for 2011

GDP Growth (Constant Prices, National Currency)    
 
   
 


Ghana
 
20.146 %
 


Qatar
 
14.337 %
 


Turkmenistan
 
12.178 %
 


China
 
9.908 %
 


Liberia
 
9.003 %
 


India
 
8.43 %
 


Angola
 
8.251 %
 


Iraq
 
7.873 %
 


Ethiopia
 
7.663 %
 


Mozambique
 
7.548 %
 


Timor Leste (East Timor)
 
7.4 %
 


Laos
 
7.395 %
 


http://www.economywatch.com/economy-business-and-finance-news/12-fastest-growing-economies-of-2011-8-12.html

Ghana keep it on.

GDP on paper again? Why do we allow these oyinbo economist play with our heads in Africa?

I thought RPI and CPI is the actual true indices of an economy?

23% from selling oil is no growth nor is it development.

maybe well done Ghana but bloomberg should stop these sensationalism of figures!

Source:tradingeconomics.com;national bureau of statistics.

I lived in Ghana for four years, when my father was opening up that market to his business, I can tell you that I did not face any hostility being a Nigerian in that country. Many of my friends are Ghanaians and they treated me like family.

Ghanaians do not hate all Nigerians. They dislike impoverished Nigerians who come to their country daily. Ghanaians do not have any problems with wealthy Nigerians who invest in the country. My father is one of those investors who have friends within their government.

Ghana will do well with their own. People do not understand that Jerry Rawlings cleaned . Even though he was brutal, the man still changed Ghana.

Plus it also helps that Ghana is dominated by one indigenous language group, which is Twi. The Akans make up a majority of the country, even though Akan groups like to act like they are an ethnicity. Make no mistake in calling a Fante man an Asante and you will know true ANGER.  

Akwaaba my fellow Nigerians!

Seun:

Why won't they grow when they are so tiny?

oga that's a poor analysis coming from you!

the size and population of Nigeria is very instrumental to it being termed the giant of Africa etc,

also the size and population of  nations like china, India etc were very instrumental to their being world powers,

in other words , in terms of size as it relates to economic growth etc , we may say Ghana is a bit "handicapped"

Nigeria has it all but shes in a state of confusion

osama boko:

Emofine is a fine babe without pimples.

But with a scar on the forehead

Ghana is doing well, because it is dominated by one group and that Akan people. That includes the Ashanti, Fante, Akyem, Denkyira, Kwahu etc. Even though they view themselves as separate groups, they are united by their indigenous language of Twi.

This dominance of the Akan people can be seen in their language, in which Northern Ghanaians such as the Hausa and Dagomba speak Twi, the Ewe in the Volta region speak Twi, even the Ga people of Accra speak Twi.

It also helps that Ghanaians is a small country and easy to manage.

i just hope the Ghanaian Government is able to handle the pressure that is soon going to come from the west, especially Britain and the United states, else they would end up like Nigeria, those guys are parasites.

It is only in the context of Africa that Nigeria is considered a giant in terms of population. Compared to many countries in Asia, which have been governed far better than Nigeria and are more successful than Nigeria, one can only see that the problem of Nigeria is not with the size or the number of tribes or ethnic groups. Our problem is that some Nigerians have more money than most countries in the world and this money that could have been used for the benefit of all and sundry. What is the population of Nigeria compared with India, China, Japan or even USA? Are these countries not better managed and more successful than Nigeria despite the fact that they also have different tribes and races amongst them.

EzeUche!:

Ghana is doing well, because it is dominated by one group and that Akan people. That includes the Ashanti, Fante, Akyem, Denkyira, Kwahu etc. Even though they view themselves as separate groups, they are united by their indigenous language of Twi.

This dominance of the Akan people can be seen in their language, in which Northern Ghanaians such as the Hausa and Dagomba speak Twi, the Ewe in the Volta region speak Twi, even the Ga people of Accra speak Twi.

It also helps that Ghanaians is a small country and easy to manage.

Yeah, but 'diversity' and 'unity' is the key just like in Nigeria. You need millions of acres of land and even more languages to make a country the 'giant of Africa'. You cannot become developed if you are not 'diverse' and if you do not have as much land and people.

[size=14pt]'Look at America!'[/size]