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UPDATE 1-Ghana Q3 GDP growth rises to 4 pct yr-on-yr

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ACCRA Dec 28 (Reuters) – Ghana’s gross domestic product
growth in the third quarter of 2016 GDP rose to 4.0 percent
year-on-year, up from 3.6 percent a year ago due to increased
oil production, the statistics office said on Wednesday.



For years Ghana’s economy grew at 8 percent annually on the
back of its gold, oil and cocoa exports. But it has slowed
sharply since 2013, in part because of lower global commodities
prices.



We saw the resumption of oil production from the Jubilee
field … and this contributed to the increase in GDP for the
quarter,” acting government statistician Baah Wadieh said,
adding that the start of oil from the TEN field also boosted
growth.



The growth is subject to slight changes as the statistics
office agrees on a final number.



The government of outgoing President John Mahama set a full
year 2016 GDP target of 4.1 percent and says growth will jump to
around 8 percent next year as new offshore oil and gas comes
onstream.



Mahama lost a Dec. 7 election to Nana Akufo-Addo, who will
take power next month. Many voters said they chose the
opposition because of dissatisfaction with the government’s
economic record, particularly on unemployment and inflation.



Akufo-Addo’s New Patriotic Party says it aims to achieve
double digit growth for every year of its four-year rule.



The current government said the economy was hurt by a fall
in global prices for the country’s gold and oil exports. Ghana
is following an International Monetary Fund programme to reduce
inflation and the deficit and restore fiscal balance.



Ghana’s producer price inflation, a major component of
consumer inflation, rose to 11.9 percent year-on-year in
November, from a revised 9.7 percent the month before.

(Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg and
Louise Heavens)


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