According to the Ghana Statistical Service (GSS), the heavy fall is largely attributed to some restrictions on activities in the economy, which virtually came to a standstill during the period as a result of the COVID-19 outbreak.
With oil, the country recorded a 3.2 percent growth rate in the second quarter.
Speaking to journalists, the Government Statistician, Prof. Samuel Kobina Annim, said: “From the second quarter of 2020, Ghana’s economy has contracted by 3.2 percent from an oil perspective".
“From a non-oil perspective, we also saw a contraction in the economy specifically for the second quarter of 2020.
“We saw our Gross Domestic Product (GDP) being GH¢35,590.4 million relative to GH¢36,839.7million that was recorded for the second quarter of 2019.
“For the first time in 37 years, Ghana’s economy has seen a contraction, which indicates that the last time the economy contracted was in 1983 and for emphasis, the oil sector contracted by 3.2 percent and the non-oil sector contracted by 3.4 percent.” Read Full Story