The second quarter of 2022 saw an uptick in Ghana’s economic growth to 4.8% from the first quarter’s 3.4%.
The Ghana Statistical Services revealed this. The growth came as a surprise because the finance ministry had reduced its growth forecast for 2022 from 5.8% to 3.7% in July.
Manufacturing (8.8%), agriculture and cocoa (4.5%), mining and quarrying (4.4%), information and communication (12. 4%), and the education sub-sectors (13.2%) all contributed to the noticeable increase rate.
The Ghanaian cedi fell by a staggering 64.45% against the US dollar in Q1 2022. Additionally, this year, investors have sold off the cedi and the country’s bonds; due to worries about the effects of a worldwide slowdown in demand for commodities like cocoa.