In Q3 2016, Ghana’s year-on-year gross domestic product (GDP) grew 4%, against 3.6% the year before. This was revealed by the country’s statistics office which explained the increase by a greater oil output.

“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 starting oil production at the TEN field also contributed to the GDP’s growth.

Ghana’s economy for years was booming, stimulated by oil, gold and cocoa exports. However, since 2013, the nation has been experiencing economic slowdown spurred by global commodity price slump.

The nation expects its overall GDP growth for 2016 to stand at 4.1%, which should further rise to about 8% in 2017.

Ghana it should be recalled is Africa’s second largest gold procuder behind South Africa.

Louis-Nino Kansoun