Ghana is set to overhaul its economic data hoping to experience an expansion of up to 40 percent.
Government officials have told Reuters that the recalculation of the economic output data will be completed in September.
Ghana wants to review the measurements it uses in calculating its gross domestic product.
Current measurements were last reviewed in 2006 but the government wants to have a more accurate system.
Officials say the recalculation will significantly help capture accurately the petroleum, communication technology and construction sectors.
Reuters quotes a senior official close to the Ghana government as saying that “The indication is that this year’s rebasing will add 30 percent or more to the size of the economy… It could be up to 40 percent”.
“It’s likely to be around 30-40 percent expansion”, another official told Reuters.
Ghana is ranked eleventh in Africa after Tanzania according to the size of its economy which is estimated to be around $47 billion.
The IMF estimation of the economy was in 2017 and an expansion should move it a bit further in the rankings.
Ghana’s economy largely depends on cocoa and gold. The country is also hoping ongoing oil exploration could also help grow the economy.
Source: Africafeeds.com
