Farmers during Farming
Dr. Ackah, Head of Economic Division at the Institute of Statistical, Social and Economic Research (ISSER), has noted that until gov’t turns its focus on agriculture and manufacturing, it will never get the kind of development the country needs.
According to him, Ghana’s oil feld cannot be the savior of a floating economy, given that it is subjected to the instability of world market prices which is mostly declining.
The Economic analyst said in an interview after 25th presentation of ISSER on the State of the Ghanaian Economy Report, 2015, supporting most of the Ghana’s budget on oil revenue may fail you. Therefore the Minister for Finance had to go back to parliament for approval of a supplementary budget when the oil price sharply declined.
According to the report, Ghana recorded a high Gross Domestic Product (GDP) of 14 % in 2011 when it started exploring oil in commercial value for the world market, but that could be sustained in the consequent years, with a continuing decline to 4.0 % in 2014 and 3.9 % in last year.
Surprisingly, the 2015, non-oil GDP growth was 4.1 % while an overall GDP growth was 3.9 %, showing that for the first time since 2011, non-oil GDP growth has out spaced total GDP growth.
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