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Services sector drives 4.9 per cent first quarter economic expansion
Ghana’s economy expanded 4.9 per cent year-on-year in the first quarter of 2020 compared to 6.7 per cent in the same period last year, driven mainly by the services sector, the Ghana Statistical Service (GSS) said on Wednesday.
The Services sector recorded the highest growth of 9.5 per cent; the Agriculture sector expanded by 2.8 per cent and the Industry sector by 1.5 per cent.
The Services sector contributed 3.6 percentage points (73.1 percent) to the overall Gross Domestic Product (GDP) growth rate of 4.9 per cent in the first quarter.
Professor Samuel Kobina Annim, Government Statistician announced the figures at a News briefing in Tamale on Wednesday.
Professor Annim said the main sub-sectors driving GDP growth in January to March 2020 GDP were Information & Communication, Manufacturing, Education and Public Administration and Defence, and Social Security.
Information and Communication sub-sector expanded from 67.6 per cent in quarter one of 2019 to 77.4 per cent in the first quarter of 2020.
Its contribution to GDP growth was 2.10 percentage points or 42.7 per cent.
Manufacturing sub-sector recorded a lower growth of 5.0 per cent in the first quarter of 2020 compared to 5.6 per cent in same period of 2019.
It contributed 0.60 percentage points or 12.2 per cent to the overall GDP growth.
The Public Administration & Defence, Social Security sub-sector expanded by 13.6 per cent in quarter one of 2020 from 9.0 per cent in quarter one of 2019 contributing 0.40 percentage points to GDP growth.
Negative contributors to the first quarter GDP growth came from the sub-sectors of Trade, Repair of Vehicle, Household Goods Construction, Forestry & Logging and Professional, Administrative & Support activities.
Construction sub-sector contracted by 6.9 per cent during the period and contributed -10.6 per cent to GDP growth.
GDP growth rate without oil and gas (Non-Oil GDP) for first quarter 2020 is 4.9 per cent which compares to the same period in 2019 with a growth rate of 6.0 per cent.
GNA
News
New BoG governor can’t engage in official duties – Afenyo-Markin to Mahama
The Minority Leader, Alexander Afenyo Markin has raised concerns over the assumption of official duties by Dr. Johnson Asiamah as Governor of the Bank of Ghana (BoG).
The former Deputy Governor was recently nominated by President John Dramani, on January 31, 2025, to serve as Governor, pending approval by the Council of State.
This follows a formal request by the current Governor, Dr. Ernest Addison, to proceed on leave ahead of his retirement on March 31, 2025.
However, in a letter to President Mahama dated February 4, Minority Leader raised serious concerns with Dr. Asiamah’s assumption of office in the absence of the Council of State.
“Your Excellency, it is my considered view that Dr. Johnson Asiamah should refrain from engaging in official duties at the Bank of Ghana until his nomination has been duly approved by the Council of State. While awaiting confirmation, he can seek any necessary briefings outside the formal assumption of office,” the letter noted.
He added, “I trust that due attention will be given to this matter to uphold the integrity of our institutional processes.”
By Edem Mensah-Tsotorme
Read full statement below
News
Bagbin lifts suspension of four MPs
Speaker of Parliament, Alban Bagbin, has lifted the suspension of four Members of Parliament (MPs) who were suspended after a clash during the vetting session on Thursday, January 30, 2025.
The altercation occurred between Minority and Majority MPs, escalating tensions in Parliament. The disagreement reached a peak after the suspension of the four MPs, triggering a debate over whether the vetting should proceed on January 31, 2025.
Following the suspension, the Minority MPs walked out, leaving only the Majority to continue with the vetting of nominees, including that of MP Samuel Okudzeto Ablakwa, who had already undergone several hours of questioning by the Minority Leader, Alexander Afenyo-Markin.
The lifting of the suspension comes after a review of the incident. The four MPs – Rockson Nelson Dafeamekpor, Frank Annoh-Dompreh, Jerry Ahmed Shaib and Alhassan Tampuli – are now expected to resume their parliamentary duties as normal. The move seeks to restore order in Parliament following the disruptions.
This was after both the majority leader and minority leader appealed to the Speaker of Parliament to lift the ban on the four MPs.
Alban Bagbin said, “So I have lifted the suspension order. I do so instantly and takes effect immediately. The affected Hon. Members are permitted now to enter the precincts of the house. I must say they actually complied with the orders.”
He assured that the investigations will continue, and the House will have the opportunity to make a decision.
He commended the security agencies for their support.
Source : Citinewsroom.com
