Ghana’s economy grows by 33.5%

Ghana’s economy has grown by 33.5 percent in the year to the second quarter of 2011, as a result of oil output, the country’s statistics office revealed on Thursday.

The head of the Ghana Statistical Service, told reporters in the capital, Accra, today that the expansion was “led by the mining and quarrying sub- sector, of which oil accounts for 67 percent” . The total value of goods and services in the second quarter was valued at 7.9 billion cedis (US$5 billion).

Ghana, is the world’s second largest cocoa producer. The country started pumping oil from its Jubilee oil field in late December. Increased mining activities and a record cocoa crop also boosted its economy and revenues.

Local businesses may not feel much impact from oil-driven growth, since many lack the ability, including the capital and expertise, to exploit opportunities in the energy industry. The growth has not yet translated into job creation, however, financial and insurance services have also witnessed rapid growth.