Compared to the gloomy global economic picture, oil and other sectors have expanded Ghana's economy from GH¢30 billion in 2008 to GH¢71.8 billion at the end of 2012, according to the Minister of Finance, Seth Terkper.
He explained: "This testifies that output from all sectors of the Ghanaian economy (not just oil and gas) has grown in leaps and bounds".
It is anticipated that the economy will achieve a growth rate of between 8.5 and 9.0 percent at the end of 2012, when the final Gross Domestic Product (GDP) estimates are updated by end April 2013.
GDP is defined as the total market value of all final goods and services produced in a country in a given period, usually a year or quarterly.
The global economy remained fragile in 2012 following four years of weak and uneven recovery notably the persistent Euro-zone debt crises and the uncertainty surrounding the fiscal issues in the United States.
Therefore, Ghana's 2012 provisional growth rate of 7.1 percent is still high given that it is on top of the growth rate of 14.4 percent recorded in 2011 when the GDP first reflected the impact of crude oil production in commercial quantities, according to the 2013 Budget Statement and Economic Policy of Ghana.
Moreover, the 2012 provisional growth rate compares favourably with the global growth of 3.2 percent and sub-Saharan Africa growth of 4.8 percent, the International Monetary Fund (IMF's) World Economic Outlook (Jan 23, 2013).
Mr Terkper patted the back of the government as he put it: "we have achieved macroeconomic stability and growth on the basis of strong real and external sector performance, including low rates of inflation and the build-up of substantial foreign exchange reserves."
He continued: "We have achieved these goals against the backdrop of the global financial crisis; we have also acted decisively to implement policies that address the challenges that occasionally confront our forward march".
However, Mr. Terkper noted that Ghana's journey to attain macro-economic stability over the past four years had not always been smooth because they were still vulnerable to several external and domestic shocks, saying: "These require decisive and immediate correction at all times".
via The Chronicle