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Ghana drops in economic rankings

May 5, 2016, 10:48 a.m.

Ghana’s economy has dropped to the 12th position from its previous 11th position on the African continent.

The country’s Gross Domestic Product (GDP) had dropped from GH¢38.5 billion in 2014 to US$37,053 billion in 2015 largely because of the depreciation of the cedi and other economic challenges.

The local currency traded against the US dollar at GH¢3.78 in 2015 as against GH¢2.94 in 2014.

Tunisia which used to be 12th in the previous rankings by is now the 11th largest economy in Africa with an economy size of about US$45.6 billion presently.

Nigeria remains the biggest economy in Africa with a GDP of about US$594.25 despite drop in crude oil prices. Its stock exchange is also the second biggest in Africa after the Johannesburg Stock Exchange.

South Africa and Egypt followed next in 2nd and 3rd positions with economies worth US$341.2 billion and US$275.7 billion respectively.

In 4th, 5th, 6th and 7th are Algeria, Angola, Morocco and Libya respectively. Their economies are US$219 billion, US$129 billion US$114 billion and US$67 billion respectively.

Oil rich Sudan, Kenya and Ethiopia followed in the 8th, 9th and 10th position respectively with GDP of US$63 billion, US$56 billion and US$ 51 billion respectively.

Interestingly, Nigeria, Algeria, Angola, Libya and Sudan that are in the top 10 are oil producing countries.

Tanzania, Ivory Coast, DR Congo, Cameroon and Uganda placed 13th, 14th, 15, 16th and 17th respectively. Their economies were worth US$36 billion, US$32 billion, US$30 billion, US$ 30 billion and US$23 billion respectively.

According to revised estimates by the National Statistical Office, Ghana’s economy grew by 3.9 percent in 2015. However, excluding oil, the economy grew by 4.1 percent.

According to figures, the services sector led the growth with a 5.7 percent rate followed by the agriculture sector with a growth rate of 2.4 percent. Industry,  which was negatively impacted significantly by the power fluctuation grew by 1.2 percent last year.

In terms of the share of the GDP, the services sector constituted 54.4 percent of the entire economy with industry following with a 25.3 percentage points share.

Ghana’s per capita income shrank from US $ 1,426 in 2014 to US$ 1,339 in 2015.

Meanwhile, the provisional GDP estimate at current prices for the fourth quarter of 2015 was estimated at GH₵37,409.8 million. The revised figure for the third quarter of 2015 was GH₵36,676.9 million.

For the fourth quarter of 2015, livestock registered the highest year-on-year growth of 6.5 percent whilst cocoa grew by -0.4 percent.

With regard to industry, water and sewage registered the highest growth of 26.9 percent whereas oil and gas recorded the least of 0.3 percent.

Health recorded the highest growth rate of 18.2 percent in the services sector in quarter four of 2015. Community, personal and other social activities recorded the least growth rate of -14.4.