Business in Ghana

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Archive for November 7th, 2010

After Rebased GDP, Still Many Open Questions

Posted by Business in Ghana on November 7, 2010

By Sydney Casely-Hayford,

Ghana’s Gross Domestic product (GDP) was revised by the Government Statistician, Dr. Grace Bediako from Ghc24.1 billion to Ghc44.8 billion, Friday 5th November.  Before the census figures are released in January 2011, this classifies Ghana a middle-income status country ahead of oil revenues.  The per capita GDP based on 24.3 million people translates to Ghc1,843 ($1,289).  There is a lot here for self-congratulation, but there are still missing links in the economy, which should have seen higher than the 60.3% change from the 1993 base to 2006.

The main ingredients for the revision are; a change in the base year from 1993 to 2006, improvements in the compilation methodology using 1993 accounting systems in place of the 1968 edition, improvements and revisions of data sources and finally a classification update to International Standard Industrial Classification 4 (ISIC4).  Long overdue. Read the rest of this entry »

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