By Elorm Desewu
Economic activities for the first quarter of 2018 have slowed due to slower growth in non-oil sector of the economy.
However according to the Bank of Ghana, (BoG), despite this blip non-oil growth generally continues to show signs of a rebound following the extended slowdown over the last few years.
The Bank’s Composite Index of Economic Activity (CIEA) recorded a 2.3 percent year-on-year growth in the first quarter of 2018, compared with 4.5 percent over the same period last year.
The governor of BoG, Dr Ernest Addition explained, “We have observed some moderation in economic activity in the first quarter of 2018 as measured by leading indicators monitored by the Bank. However, the latest business and consumer confidence surveys show continued optimism based on improving macroeconomic fundamentals and realization of expectations, despite lingering concerns on employment opportunities by consumers”.
The pace of growth in key monetary aggregates moderated as aggregate demand pressures remained subdued. Annual growth in broad money supply including foreign currency deposits slowed to 17.5 percent in April 2018 from 26.6 percent last year.