Madam Speaker, the Ghanaian economy was able to withstand the impact of the global crisis relatively well. This can be attributed to the prudent macroeconomic policies that were pursued by the government; the favourable world market conditions for cocoa, gold exports; and good rainfall which supported increased agricultural production.
Even though real GDP growth slowed down to 4.1 percent in 2009, mainly on account of the impact of the world economic crisis, growth is expected to bounce back to about 5.9 percent in 2010 as the domestic and world economic environment improves.
Real GDP growth is projected to reach about 12.3 percent in 2011, on account of strong performance in the manufacturing and services sectors and the coming on stream of oil production and exports.
Madam Speaker, provisional GDP estimates released by the Ghana Statistical Service indicate that the Ghanaian economy has undergone a significant structural change. The agricultural sector which has for long dominated economic activity has given way to the services sector.
Cocoa production, the mainstay of the agricultural sector, however, continues to grow strongly, with output expected to reach 650,000 metric tons this year.
2011 Budget Statement and Economic Policy of Ghana by Fuaad Dodoo on Scribd
