According to the African Economic Outlook, the country remains positive with projected GDP growth of 8.3%. Moreover, Ghana’s government statistics added that the value of goods and services produced in the 3rd quarter of 2014 grew by 0.7% compared to the 2nd quarter of 2014.
The growth drivers of 2014 are the following:
- Livestock – 17.9%
- Finance and Insurance Activities – 6.4%
- Fishing – 6.4%
- Electricity - 6.4%
Africa’s growth and development increased by 5.1% in the 3rd quarter of 2014 compared to the review of data in 2013. The Industry sector recorded the highest growth of 8.1%, the Agriculture Sector followed with 4.4%, while Services recorded a growth rate of 3.5%.
This may be the reason that Trading Economics data in 2014 states that in the three months to September, quarterly changes reflect an increase in employment and decrease in unemployment rate. Increases in employment were observed in both the formal and the informal sectors. Employment increased by 16,000 in the Agricultural industry. Compared to a year earlier, employment increased by 81,000.
Just like in Jakarta, Indonesia, Kuala Lumpur in Malaysia and Hongkong, which have now been reported to increase in their employment rate, this is largely due to increases in the formal and the informal sectors that grew by 134,000 and 85,000 jobs respectively in third quarter of 2014.
Although Africa, as a whole, still remained to be recorded to have the highest unemployment rate in the world, Ghana’s development has triggered hope among its fellow African countries in the possibility of slow growth towards economic success. After all, the continent is home to a third of planet’s mineral reserves, a tenth of the oil and it produces two-thirds of the diamonds. Investors have believed that the continent is far richer in natural resources than any country is.
Economists and researchers review Africa to be one of the fastest growing regions in the world. With the promise of better education system, infrastructure development and sensible revolutionary reforms, Africa may lead a hope of a bright future ahead.