Ghana’s record high GDP growth of 14.0% in 2011 (IMF, 2015a) could not be sustained in the subsequent years. For the first time since at least the last half-decade, the country’s growth in 2014 of 4.2% has fallen below the Sub–Saharan African (SSA) average of 5.0% (IMF, 2015a).
Furthermore, the 4.2% growth rate is against the target of 7.1% (GSS,2015),and is much lower than the rate of 7.3% in 2013. There is, moreover, an indication that the positive effect of the oil find on Ghana’s growth has petered out, with the non-oil growth rate at 4.1% in 2014, as compared with the 4.2% overall growth rate. In contrast, the respective overall and non-oil growth rates were farther apart in previous years: 7.3% and 6.7% in 2013, 8.0% and 7.3% in 2012 and 14.0% and 8.4% in 2011 (IMF, 2015a).
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