Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Industry’s significant growth still triggered by oil sector

  • SOURCE: Citifmonline | qwesa2big
  • Citi Business News’ checks have shown that industry’s growth as has been touted by the government have been largely influenced by the oil sector.

    A development, some Economists also believe could have serious implications on the economy considering the exhaustive nature of the country’s oil resources.

    The revelation follows President Akufo Addo’s claims that industry has seen phenomenal growth.

    Speaking at the commissioning of the Twyford Ceramics Factory at Shama in the Western region over the weekend, President Akufo Addo narrated how his administration has transformed industries growth from (-0.5%) to 17 percent as at September 2017.

    Figures from the Ghana Statistical Service show that between January and September 2017, industry grew by 15.6 percent on the average.

    The industrial sector of the economy comprises mining and quarrying which also includes oil exploration activities, water and sewerage, manufacturing and construction.

    For the nine months (January to September 2017), mining and quarrying led with the growth of 32.8%, 75% and 40.8 percent in the first, second and third quarters respectively.

    The Director of Economic Statistics at the Ghana Statistical Service, Mr. Asuo Afram explains this development.

    Following mining and quarrying in terms of increased growth is the water and sewerage subsector.

    Meanwhile, the construction recorded the least growth under industries.

    Its growth stood at 2.6 percent as at September 2017.

    It is unclear what may have led to this but some have attributed the arrears owed contractors as possible reasons for the marginal growth.

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar