The Ghana Statistical Service (GSS) has projected that the economy will grow at 6.9 per cent, far from the government�s target of eight per cent set for the close of the year.
The GSS, which compiles, processes and disseminates statistical data, based its projection on the value of goods and services produced in the country, measured by Gross Domestic Product (GDP) in the first and second quarters of this year.
The service made this known at a press conference in Accra and explained that the economy grew at 5.3 per cent in the second quarter compared to 6.5 per cent in the first three months of 2014.
Based on this, the Acting Government Statistician, Dr Philomena Nyarko, said �the economy will grow at 6.9 per cent in 2014�.
She, however, explained that the projected growth rate would be revised subsequently as and when new data came in before the final figure to be made known in April 2015.
The growth targeted by the GSS for 2014 is far higher than the one made by the International Monetary Fund (IMF) in February this year.
The fund said, after an assessment of the economy by a team of experts that it would grow at 4.8 per cent due to expected shortfalls in revenues and challenges to businesses.
Per the data released by the GSS, although the agricultural sector recorded the highest growth of 8.5 per cent, accounting for GH�998 million or 11.8 per cent of total GDP for the period, it was less than the GH�1.2 billion it recorded in the previous quarter.
The services sector recorded a growth rate of 2.1 per cent, with the industry sector recording a negative growth rate of -0.5 per cent.
�In the Agricultural sector, economic activity in the crops and cocoa subsector increased by 0.2 percentage points from the growth recorded in the 1st quarter of 2014. This is due to an increase in the production of cocoa by 4.3 per cent,� Dr Nyarko explained.
According to her, the oil GDP estimates at current prices for the second quarter of 2014 was GH�27,203.6 million compared to GH�26,079.6 million recorded in the first quarter of 2014.
The non-oil GDP at current prices for the second quarter of 2014 was GH�25.26 billion compared to the GH�23,553.7 million recorded in the first quarter of 2014.
September inflation
Meanwhile, the average change in the general price levels of goods and services acquired for the purpose of consumption, inflation rose to a record high of 16.5 per cent.
The rate, which is 0.6 percentage points higher than the 15.9 per cent recorded in August 2014, is the highest rate of inflation since March 2010.
The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 5.8 per cent, 0.7 percentage points higher than the 5.1 per cent recorded in August 2014.
The non-food group recorded a year-on-year inflation rate of 24.1 per cent in September 2014, compared to the 24.0 per cent recorded in August 2014.
�Two subgroups recorded year-on-year inflation rates higher than the group�s average rate of 24.1 per cent. Housing, water, electricity, gas and other fuels recorded the highest rate of 63. 5 per cent followed by transport with 27.1 per cent. Inflation was lowest in the education subgroup, (3.5),� she said.
At the regional level, the Central Region recorded the highest rate of 18.5 per cent followed by the Upper East with 18.2 per cent. The Upper West Region recorded the lowest rate of inflation of 10.9 per cent.
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