Ghana’s GDP for 2010 revised to GH₵44.8b

Ghana’s economy has been revised. The Ghana Statistical Service (GSS) says the economy will grow at 6.6%.

The GSS has therefore revalued the country’s Gross Domestic Product (GDP) at GH₵44.8 billion for 2010. It had earlier estimated the GDP at GH₵25.6 billion.

The new growth projection was made according to a re-based index of the economy aimed at more accurately reflecting sectors such as banking and telecoms. The base year for the index is now 2006 instead of 1993.

The GSS in October said the 2010 GDP estimates for Ghana have been revised to 5.9%. (See this story)

It said in a publication that in real terms, the provisional GDP estimate (at constant 1993 prices) for 2010 is GH¢876.74 million, a 5.9% increase over the revised GDP estimates for 2009 which was GH¢827.72 million.

The publication also said the nominal GDP (at current prices) for 2010 is estimated at GH¢25,602.45 million. This new estimate announced today Friday November 5, 2010 has revised the GDP to 75% higher than the October estimate.

By Emmanuel K. Dogbevi