{"id":391830,"date":"2018-01-15T16:35:50","date_gmt":"2018-01-15T16:35:50","guid":{"rendered":"http:\/\/citifmonline.com\/?p=391830"},"modified":"2018-01-15T20:40:09","modified_gmt":"2018-01-15T20:40:09","slug":"industrys-significant-growth-still-triggered-oil-sector","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=391830","title":{"rendered":"Industry\u2019s significant growth still triggered by oil sector"},"content":{"rendered":"

Citi Business News<\/strong>\u2019 checks have shown that industry\u2019s growth as has been touted by the government have been largely influenced by the oil sector.<\/p>\n

A development, some Economists also believe could have serious implications on the economy considering the exhaustive nature of the country\u2019s oil resources.<\/p>\n

The revelation follows President Akufo Addo\u2019s claims that industry has seen phenomenal growth.<\/p>\n

Speaking at the commissioning of the Twyford Ceramics Factory at Shama in the Western region over the weekend, President Akufo Addo narrated how his administration has transformed industries growth from (-0.5%) to 17 percent as at September 2017.<\/p>\n

Figures from the Ghana Statistical Service show that between January and September 2017, industry grew by 15.6 percent on the average.<\/p>\n

The industrial sector of the economy comprises mining and quarrying which also includes oil exploration activities, water and sewerage, manufacturing and construction.<\/p>\n

For the nine months (January to September 2017), mining and quarrying led with the growth of 32.8%, 75% and 40.8 percent in the first, second and third quarters respectively.<\/p>\n

The Director of Economic Statistics at the Ghana Statistical Service, Mr. Asuo Afram explains this development.<\/p>\n

\u201cIt was mainly because of the oil and that is the reason why the industry\u2019s growth has been recording the significant growth. This is also as a result of the increase in the global prices of crude oil for sometime now,\u201d he said.<\/p>\n

Following mining and quarrying in terms of increased growth is the water and sewerage subsector.<\/p>\n

Meanwhile, the construction recorded the least growth under industries.<\/p>\n

Its growth stood at 2.6 percent as at September 2017.<\/p>\n

It is unclear what may have led to this but some have attributed the arrears owed contractors as possible reasons for the marginal growth.<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

Citi Business News\u2019 checks have shown that industry\u2019s growth as has been touted by the government have been largely influenced by the oil sector. A development, some Economists also believe could have serious implications on the economy considering the exhaustive nature of the country\u2019s oil resources. The revelation follows President Akufo Addo\u2019s claims that industry […]<\/p>\n","protected":false},"author":14,"featured_media":379162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[32,171,11],"tags":[],"class_list":["post-391830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-local-economy","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/391830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=391830"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/391830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/379162"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=391830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=391830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=391830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}