Ghana achieved a record high growth of 15% in 2011 (IMF, 2014a), but this could not be sustained in the subsequent years. The country’s growth has, however, been consistently above the average (median)

for the sub–Saharan Africa region. In 2013 Ghana’s growth rate was 5.4%, against the target of 8.8% (IMF, 2014a; GSS, 2014) and much lower than the rate in 2011, or even the 7.9% rate in 2012.  Since it may be argued that the phenomenal growth achievement in 2011 was primarily the result of the oncoming petroleum exploitation, the more appropriate comparison over time is the non–oil real GDP growth rate, which also fell from 9.4% in 2011 to 7.8% in 2012 and to 3.9% in 2013 (IMF, 2014a)

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