Ghana’s non-oil GDP grew 8.2% in 2011 – Amissah-Arthur
As Ghana’s year-on-year GDP in the third quarter of 2011 grew at 12 percent, with an end-year projected outturn of 13.6 percent, mostly driven by the oil sector, non-oil GDP growth is estimated to have expanded by 8.2 percent.
The governor of the Bank of Ghana, Mr. Kwesi Amissah-Arthur told the ongoing Euromoney Conference in Accra, Tuesday February 7, 2012 that Ghana’s growth prospects were undoubtedly boosted by the newly added oil sector.
Mr. Amissah-Arthur said Ghana’s 2011 economic performance was strongly driven by industrial growth in the oil, construction and mining sub-sectors.
“Transport, information and communication technology, all in the Services sector, contributed strongly to the growth performance. The oil sub-sector presents great opportunities for the Ghanaian economy to accelerate its growth potential by exploring the ancillary sectors and significant multiplier effects,” he said.
Indicating the recognition of macroeconomic stability as a necessary but not sufficient condition for accelerating and sustaining economic growth, the central bank governor called for a multi-dimensional approach to policy formulation especially for the financial sector, which is at the center stage of the growth and development process. He emphasized the need to create and re-energize the financial infrastructure for economic resource mobilization.
“Real sector interventions, including the removal of the significant infrastructural bottlenecks, will enhance economic growth and instigate Ghana’s economic transformation, generate additional employment, reduce poverty levels and help the attainment of higher standards of living, commensurate with the status of a lower middle income country,” he said.
According to Mr. Amissah-Arthur, inflation has trended down consistently over the last 33 months and has remained well anchored within single digits since June 2010.
“Indeed, we have witnessed a rare period in our post-independence history of sustained relatively low inflation. We have also observed relative stability in the exchange rate regime, even though we have experienced some critical challenges in the last few weeks. Real sector surveys have indicated that inflation and economic growth expectations are well-anchored in the right direction,” he said.
He said the stable economic environment has provided substantial impetus for economic activity, adding that the Bank of Ghana’s real sector surveys and confidence indices have, on the average, indicated increased confidence in the economy from both consumers and businesses.
By Emmanuel K. Dogbevi