Business in Ghana

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Posts Tagged ‘Rebased Economy’

Africa is Hooked on Growth

Posted by Business in Ghana on January 2, 2013

By Sebastian Mallaby

A few years into sub-Saharan Africa’s renaissance, there were the natural doubts. Economists had competed for so long to explain the region’s growth tragedy that good news was a shock. But now, more than a decade into the revival, the good news has grown better. The lesson is that sound policies can make a difference even in the least promising of settings. Defeatists everywhere, cheer up.

Even before the recent flurry of encouragement, Africa’s turnround was breathtaking. Between 1980 and 2000, the continent had experienced negative economic development: output per person had fallen by a 10th in purchasing power terms. Then, just as the Aids pandemic was thought to represent the final straw for Africa, its fortunes changed dramatically. According to the World Bank’s development indicators, gross domestic product per person has risen every year since 2000, delivering a cumulative gain of more than a third. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , , | 3 Comments »

After Rebased GDP, Still Many Open Questions

Posted by Business in Ghana on November 7, 2010

By Sydney Casely-Hayford, www.bizghana.com

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 »

Posted in Financial Services, Sydney Casely-Hayford | Tagged: , , , , | 7 Comments »