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.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
Read more on:    world bank  |  west africa
NEXT ON NEWS24X publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Rugby World Cup 2015

All the action from the 2015 RWC, including live coverage of all 48 matches, breaking news, fixtures, results, logs - and much more!


Rugby World Cup 2015

Japan victory attracts record TV figures
iPads the secret to Japanese RWC success
Georgia desperate for Namibian win
England's early exit bad for RWC business
Traffic Alerts

It is time to focus on your daily rhythm. Are you putting too much attention on future projects and neglecting the day to more

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


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 network.


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.