Ghana now middle-income nation

2010-11-06 10:40

Accra - Ghana has joined the world's middle-income nations after a re-evaluation put the size of the country's economy more than 60% larger just before it begins pumping oil, an official said on Friday.

Ebow Duncan, a senior statistician with the Ghana Statistical Service, told AFP the change in calculation methodology of the country's gross domestic product (GDP) was made to allow "the national income to capture the realities of the current period".

It captures new sectors such as telephony and oil-related infrastructure, he said. The country expects to begin pumping its newly found oil before the year's end.

With the latest figures, the new 2009 GDP figure is $25.6bn. The increase amounts to some 63%.

Duncan put the provisional national per capita GDP for 2010 at around $1 300, up from the $750 under the old formula, catapulting the country into the lower-middle income bracket.

The new figures place Ghana in the third place for GDP per person in the West African region, behind the Cape Verde islands and Nigeria.

The re-evaluation, which saw the base year changed to 2006 instead of 1993, also projected the economy to grow by 6.6% in 2010 from the previous forecast of 5.9%.

"Apart from the fact that a lot has changed in the economy, the base year did not allow us to reflect changes adequately," said Duncan.

Ghana, already a major cocoa and gold producer, has also seen growth in telecommunications and forestry, in addition to soon joining the club of oil producers.

On Thursday, the World Bank rated Ghana the easiest country to do business in West Africa.

The country is seen as among the most politically stable nations in the region.

Read more on:    world bank  |  west africa
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

 

Inside News24

 
/News
 

11 things men don’t know about their clothes

There’s actually a logical explanation for that little button under your collar.

 
 

Men24.com

Hilarious mortal kombat elevator prank!
This is how the Top Gear presenters spend their £55 million!
Thirty and still single? There’s hope!
SA’s Playboy Playmate of the year in action!

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Festive gifts!

Check out our awesome range of festive gifts to make everyone’s wishes come true. Shop now!

Seen something you like in our catalogue?

Find the perfect gift and save up to R5000 – As seen on the catalogue. Hurry and shop now!

Save up to R2200 on electronics! – As seen in the catalogue

Wishing for tech gadgets this festive? Save up to R2100 on hot tech products at kalahari.com. While stocks last. Shop now!

Up to 35% off books

Save up to 35% on the latest page-turners. While stocks last. Shop now!

Good Morning, Mr Mandela by Zelda la Grange

Good Morning, Mr Mandela tells the extraordinary story of how a young woman had her life, beliefs, prejudices and everything she once believed in utterly transformed by the greatest man of her time. Now R221. Pre-order now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

It may be hard to stay cool, calm and collected. Your emotions can get quite heated in the moment. You may benefit from finding a...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.