Lower Gold Production Hurts Ghana GDP

Ghanaian economy slowed sharply in the third quarter of 2013 and rose a meager 0.5 percent over the previous quarter, down from a 3.9 percent expansion in the previous three-month period. A sharp fall in global gold prices prompted some mines to cut production.
Joana Taborda | joana.taborda@tradingeconomics.com
2/3/2014 2:54:02 PM
Quarter-on-quarter, the agriculture sector advanced 2.2 percent and electricity production increased 9.3 percent.  

The mining and quarrying production shrank 14.7 percent, hurt by a 16 percent fall in oil production, due to planned operational maintenance in the Jubilee field. Production of diamonds and gold contracted sharply by 29.7 percent over the previous quarter. 

Gold accounts for around 90 percent of total mineral output in Ghana. In 2013, gold prices decreased 28 percent on average, as investors lost faith in the metal as a store of value amid signs of a global economic recovery.

Lower Gold Production Hurts Ghana GDP



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