• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana’s Economy grows at slowest pace in almost a year

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana’s Economy grows at slowest pace in almost a year

Ghana’s economy expanded at the slowest pace in almost a year in the second quarter as fiscal tightening and high inflation crimped output.

Gross domestic product grew 3.2% in the three months through June from a year earlier, compared with a downwardly revised expansion of 3.3% in the previous quarter, Government Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Wednesday. That was slightly lower than the median of seven economists’ estimates in a Bloomberg survey for expansion of 3.3%.

The cedi declined 0.1% to 11.4988 per dollar at 10:50 a.m. in Accra, while the yield on Ghana’s dollar bonds maturing in 2032 rose 3 basis points to 23%.

Services grew 6.3% in the quarter from a year earlier, the same as the prior three months, after the number was revised lower. Industry contracted for a third consecutive quarter to 1.9%, while growth in the agriculture sector slowed to 6% from a revised 6.4% in the three months through March.

Growth in the quarter was crimped by new taxes and utility price hikes, which raised the cost of production, Patrick Asuming, a senior lecturer at the University of Ghana Business School, said by phone ahead of the release. Inflation averaged more than 40% in the quarter, compared with 27% in the same period last year.

Output is likely to remain muted as the government seeks to rein in spending and reduce its debt load.

RelatedPosts

Bank Of Ghana Sets Gold Coin Price at GHS 44,259 Per Ounce

Africa Prosperity Network Sues Sankofa Advisory Over $300,000 Debt From Africa Oil Week deal

COCOBOD Clears GHS 2bn Coupon Arrears, Pledges to Meet 2026–2027 Obligations

The continent’s largest gold producer is tightening its fiscal belt and reorganizing most of its debt, valued at $50 billion at the end of April, to make it sustainable, as part of terms of a $3 billion International Monetary Fund program.

The West African nation will undergo its first review under the IMF program later this month.

The Finance Ministry in July almost halved its forecast for growth this year to 1.5% due to a broad slowdown in major sectors of the economy. The nation expects growth to rebound to 2.8% next year, 4.7% in 2025, and 4.9% in 2026.

Source: bloomberg
Via: norvanreports
Tags: Ghana’s Economy grows at slowest pace in almost a year
No Result
View All Result

Highlights

Ranked: Top 10 Gold Mining Companies of 2025

Gold Price Sets Another Record on Flight to Safety

Ghana Football Association Introduces Minimum Salaries: GHS 1,500 for Premier League, GHS 700 for Division One and Women’s Leagues

CEOs, Executives, and Entrepreneurs Set to Gather for Transformative Leadership Dialogue in Ghana

Morocco Breaks Into Africa’s Gold Powerhouses With Discovery Of High-Grade Deposits

Repealing Ghana’s Forest-Reserve Mining Regulations: Navigating the Path From L.I. 2462 to L.I. 2501 and Beyond

Trending

Business

Bank Of Ghana Sets Gold Coin Price at GHS 44,259 Per Ounce

September 4, 2025

Bank Of Ghana Sets Gold Coin Price at GHS 44,259 Per Ounce The Bank of Ghana has...

Africa Prosperity Network Sues Sankofa Advisory Over $300,000 Debt From Africa Oil Week deal

September 4, 2025

COCOBOD Clears GHS 2bn Coupon Arrears, Pledges to Meet 2026–2027 Obligations

September 4, 2025

Ranked: Top 10 Gold Mining Companies of 2025

September 4, 2025

Gold Price Sets Another Record on Flight to Safety

September 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.