Skip to main content

4th qtr 2012 GDP growth estimate hits 6.0%

By Fred Sarpong

The total value of goods and services produced in the fourth quarter of 2012 was GH¢8,424.1 million, compared to GH¢7,945.0 million recorded in the corresponding period in 2011. This is according to figures released in Accra last week by the Ghana Statistical Service (GSS).

This represents 6.0% Gross Domestic Product (GDP) growth for the fourth quarter of 2012, as against 1.2% in the previous year’s last quarter, all the sectors of the economy, contributed to this growth were- Agriculture, Industry and Services.

The acting Government Statistician, Dr. Philomena Nyarko, who announced this in Accra, last week, said during the period Agriculture recorded a total value of GH¢2,319.1 million, as compared to GH¢2,301.4 million in fourth quarter of 2011. This represents 0.6% growth.

The industry sector had 3.6% growth, recording a value of GH¢1,915.8 million as against GH¢1,987.0 million in 2011 fourth quarter. The services sector recorded 13.7% GDP growth with a value of GH¢3,715.6 million as against GH¢3,198.6 million at the end of fourth quarter of 2011.

According to Dr. Nyarko, crops and cocoa (0.9%), forestry (2.6%), and livestock 5.0% subsectors contributed to the agriculture growth of 0.6%.

The main contributors of the industry sector growth were electricity 10.8%; followed by construction 4.4%; and water and sewerage 3.5%.

The service sub-sectors, which contributed to the highest sectoral growth of 13.7%, comprised information and communication activities 78.7%; financial and insurance activities 40.4%; and Trade, Repair of motor vehicles and motorcycles 14.2%.



Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…