Central Bank’s index shows pace of economic activities in Ghana grew 15.2% in 2011

Economic activities in Ghana accelerated 15.2% last year 2011 as compared to 10.4% in 2010, according to the Bank of Ghana’s (BoG) Composite Index of Economic Activity (CIEA) released February 15, 2012.

The CIEA indicated that the pace of economic activities increased in the last quarter of 2011 from 305.3 in September to 314.7 in December 2011. In real terms, the CIEA grew by 3.1% during   this period, the BoG noted.

But on year-on-year terms, the central bank says “the CIEA recorded a growth of 15.2% compared to 10.4 in December 2010.”

The bank’s Consumer Confidence Index also jumped in January 2012 but “was just less than 1%” while business confidence declined by a similar margin between September and December 2011.

Citing real gross domestic product (GDP) data released by the Ghana Statistical Service (GSS) for the third quarter of 2011, the country’s apex bank said the economy expanded by 12% year-on-year compared to 17.6% in the second quarter.

The country’s economy is projected to grow by 13.6% in 2011.

By Ekow Quandzie