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
SHARE:

Read News24’s Comments Policy

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

40% off top appliances!

Save 40% on the top 10 appliances on kalahari.com. While stocks last. Shop now!

Save 20% on Camping gear!

Buy 4 camping items and save 20%. While stocks last. Shop now!

Fifty Shades of Grey!

This great read will captivate you from cover to cover and leave you itching for more. Get your copy now!

20% off braai items!

Save 20% when you buy 2 braai items. While stocks last. Shop now!

30% off Pampers!

Save 30% when you buy 3 or more selected pampers products. While stocks last. Shop now!

Horoscopes
Aquarius
Aquarius

There is a strong focus on sharing the optimistic energy with your loved one. You are in the mood to go large and impress your...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.