{"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\/2018\/01\/industrys-significant-growth-still-triggered-oil-sector\/","title":{"rendered":"Industry\u2019s significant growth still triggered by oil sector"},"content":{"rendered":"<p><strong>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<p>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<p>The revelation follows President Akufo Addo\u2019s claims that industry has seen phenomenal growth.<\/p>\n<p>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<p>Figures from the Ghana Statistical Service show that between January and September 2017, industry grew by 15.6 percent on the average.<\/p>\n<p>The industrial sector of the economy comprises mining and quarrying which also includes oil exploration activities, water and sewerage, manufacturing and construction.<\/p>\n<p>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<p>The Director of Economic Statistics at the Ghana Statistical Service, Mr. Asuo Afram explains this development.<\/p>\n<p>\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<p>Following mining and quarrying in terms of increased growth is the water and sewerage subsector.<\/p>\n<p>Meanwhile, the construction recorded the least growth under industries.<\/p>\n<p>Its growth stood at 2.6 percent as at September 2017.<\/p>\n<p>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>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":379162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Industry\u2019s significant growth still triggered by oil sector - Citi 97.3 FM - Relevant Radio. 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