Ghana's GDP Growth Slowed in Third Quarter as Mining Declinesby
Economy affected by lower gold, oil prices and power cuts
Ghana is the second-biggest producer of gold in Africa
Ghana’s economic growth slowed in the third quarter as mining production and income from hotels and restaurants declined.
The West African nation’s economy expanded 3.6 percent in the three months through September from a year earlier, compared with 3.9 percent in the previous quarter, Baah Wadieh, the statistician at the Ghana Statistical Service, told reporters on Wednesday in the capital, Accra. The economy grew 1.2 percent from the previous three months, he said.
Economic growth in Ghana, Africa’s second-biggest gold producer, has been affected by lower global metals and oil prices, while chronic power shortages are limiting investment and tourism.
“The fall in the price of gold on the world market caused most mining companies to shut down mines this year,” Wadieh said. “Value addition in the hotels and restaurants sub-sector also fell, all of which affected overall GDP.”
Annual agricultural production expanded by 3.2 percent, while mining output shrank by 2.2 percent and hotels and restaurants fell 5.6 percent, the statistics office said.
The cedi gained 0.3 percent to 3.81 per dollar by 12:30 p.m. in Accra.