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Ghana’s economy stands out to have inflated by 8.9% in Q2 of 2021

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The Ghana’s economy is calculated to have expanded by 8.9% in the 2nd quarter of 2021, according to a Joy Business report assigned to accounting and auditing firm, Deloitte Ghana.

Though the Ghana Statistical Service is even to officially launch growth rate data for the period, the firm explains that the projection expansion can be attributed to global trade as economies have slowly begun to ease coronavirus induced cuts which will, in turn, boost demand for commodity exports for Ghana on the worldwide market.

“This, coupled with the general increase in economic activity in 2021 is expected to help achieve the targeted growth. However, a critical success factor is how well we handle the rising COVID-19 cases. A strict enforcement of COVID protocols, as well as an effective roll out of COVID vaccination, will sustain the economic recovery process,” the firm said.

Yaw Lartey, a Financial Advisory associate at Deloitte Ghana mentioned “the estimated Gross Domestic Product for 2021 is about GH¢433 billion. This constitute an extension of 8.9% collated to GDP as of the same duration 2020.”

He carried on, “The key driver of the growth was the agriculture sector which grew by about 18%, largely on account of growth in the Crop subsector. We believe that some of the programmes and activities introduced by government are beginning to yield results, particularly those that support the Crop sub sector”.

“Also, we saw a significant growth in the services sector, particularly in the Hotels and Restaurants sub-sector. As we noticed, the COVID-19 adversely impacted on this sector, but we see some recovering in the economy – we see some activities going on in the Hotels and Restaurant sub-sector. That contraction we witnessed last year of about 44% contraction, we’ve seen a growth this year and that is driving the Services sector to grow at about 9%”, Lartey added up.

In spite of the unfavorable effects of the coronavirus pandemic on the Ghanaian economy and its related growth sectors, there has been an addition in economic activity in the 2nd quarter of 2021 compared to the same duration on 2020 where there was less activity because of COVID-19 lockdowns and restrictions.

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