Post-coronavirus: Key sectors need support to boost recovery - Economist
A Senior Economist with investment banking firm Databank, Courage Martey says deliberate policy measures are needed to support critical sectors of the economy to support the economic recovery efforts following the effect of the pandemic.
He was speaking to the Business24 after the Ghana Statistical Service (GSS) announced that the economy contracted by 1.1 percent in the third quarter of this year. The contraction is a stark contrast to the 5.6 percent recorded within same period last year.
The third-quarter contraction follows a 3.2 percent contraction in the second quarter.
According to the GDP data released on Wednesday, despite the slump, the agriculture sector recorded a remarkable growth of 8.3 percent while the Industry and Services sectors contracted, -5.1 and -1.1 percent, respectively.
Economist with Databank, Courage Martey says Ghana has entered into a technical recession following a contraction of the economy for a second straight quarter in 2020.
Latest provisional figures released by the Ghana Statistical Service show that the Ghanaian economy has contracted for the second straight quarter, with the value of goods and services produced in the 3
rd quarter of 2020 declining by 1.1 percent when compared to the value of goods and services produced in the same period in 2019.
The latest contraction according to the government statistician, Professor Samuel Kobina Annim was driven by negative growth in the industry and services sectors of the economy which both contracted by negative 5.1% and negative 1.1% respectively.
Q3 GDP to signal recovery - Economist ghanaweb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanaweb.com Daily Mail and Mail on Sunday newspapers.