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A new study by a team of Ghanaian economists in collaboration with the Brookings Institution has identified agro-processing and tourism as two of the sectors that could be relied on to potentially address Ghana’s worrying unemployment numbers and enhance competitiveness and productivity of small and medium-sized firms.
The team comprised Professor Ernest Aryeetey of Africa Research Universities Alliance (ARUA); Dr Priscilla Twumasi Baffour and Dr Ebo Turkson, both of the Department of Economics, University of Ghana.
The study, titled: “Industries Without Smokestacks (IWOSS) in Africa- Ghana Country Case Study”, was disseminated by Institute of Statistical, Social and Economic Research (ISSER) - University of Ghana.
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Ghana’s economy has recorded negative growth for the second consecutive quarter, data from the Ghana Statistical Service has indicated.
The economy contracted by 1.1 per cent in the third quarter after it contracted by 3.6 per cent in the second quarter.
This is the first time in over 30 years that the country’s economy has contracted on two consecutive quarters.
Speaking in an interview with the Daily Graphic, Head of the Economics Division at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, said this meant that the Ghanaian economy was in recession.
“Once we have recorded two negative growth rates consecutively then we can say there is a recession,” he stated.