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20Ghana exits recession with 3.3% fourth quarter growth
Data from the Ghana Statistical Service shows the economy grew by 3.3 per cent in the fourth quarter of 2020, reversing the contraction recorded in the second and third quarters, as the economy officially exits a recession. John Gatsi, Dean of the School of Business at the University of Cape Coast in Ghana joins CNBC Africa for more.
Fri, 23 Apr 2021 11:46:06 GMT
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AI Generated Summary
- Ghana's economy grew by 3.3% in the fourth quarter of 2020, signaling an exit from the recession triggered by the COVID-19 pandemic.
- Key sectors such as real estate and telecom played significant roles in driving growth, with the real estate sector seeing a substantial increase of 43.5% amidst the pandemic.
- Rising inflation, government's GDP growth target, Eurobond issuance, and job creation strategies are crucial areas that require attention and strategic planning for sustained economic recovery and growth in Ghana.
Ghana has officially exited an economic recession as the latest data from the Ghana Statistical Service shows that the economy grew by 3.3% in the fourth quarter of 2020, reversing the contraction experienced in the second and third quarters. This positive news comes at a crucial time for the country as it looks to recover from the economic challenges brought about by the COVID-19 pandemic. Professor John Gatsi, Dean of the School of Business at the University of Cape Coast in Ghana, recently joined CNBC Africa to provide insights into the key drivers of this growth and what it means for the country's economic outlook. The interview shed light on various sectors that contributed to the growth, including the real estate and telecom sectors. It also touched upon the implications of rising inflation and the government's ambitious GDP growth target for 2021. Additionally, Professor Gatsi discussed the recent Eurobond issuance by Ghana and its impact on revenue generation, as well as the pressing issue of job creation in the wake of the pandemic. The analysis provides valuable insights into Ghana's economic landscape and the challenges and opportunities that lie ahead. Ghana's ability to navigate these complex issues will be crucial in shaping its economic recovery and future growth.
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