Release of the provisional GROSS DOMESTIC PRODUCT GDP

Release of the provisional GROSS DOMESTIC PRODUCT (GDP) for FOURTH quarter 2017 by Mr. baah wadieh Ag. GOVERNMENT statistician GDP Presentation April 11, 2018 1

IN THIS RELEASE, We present… § Provisional GDP estimates for fourth quarter of 2017 § Revised GDP estimates for the first three quarters of 2017 § Final Annual GDP estimates for 2016 § Provisional Annual GDP estimates for 2017 § Memorandum items § Highlights GDP Presentation April 11, 2018 2

The Gross Domestic Product (GDP) v v The Gross Domestic Product (GDP) measures the value of final goods and services produced in the country. Two key indicators are presented in this release: q Quarterly GDP which measures the value of final goods and services within a period of three months or one quarter. q Annual GDP which measures the value of final goods and services within a period of twelve months or one year. GDP Presentation April 11, 2018 3

GDP Estimation Process v v The estimation of the GDP is done in stages, with the estimates generated at each stage being dependent on available data. Estimates from each stage are progressively designated as provisional, revised and final. This release contains the provisional GDP estimates for the fourth quarter of 2017, revised GDP estimates for first three quarters of 2017, final annual GDP estimates of 2016 and provisional annual GDP estimates for 2017. Further revisions to the 2017 GDP estimates will be carried out in June 2018. GDP Presentation April 11, 2018 4

PROVISIONAL 2017 Q 4 GDP ESTIMATES GDP Presentation April 11, 2018 5

Provisional 2017 Q 4 GDP at Current Prices (Oil & Non-Oil) v v v The provisional 2017 Q 4 GDP estimate (incl. oil) at current prices at purchaser’s value 1 is GH₵ 56, 304. 8 million. The estimate for 2016 Q 4 was GH₵ 47, 351. 5 million. The provisional 2017 Q 4 GDP estimate (excl. oil) at current prices at purchaser’s value 1 is GH₵ 52, 433. 9 million. The value for 2016 Q 4 was GH₵ 45, 901. 6 million. 1 Includes FISIM and Net Indirect Taxes GDP Presentation April 11, 2018 6

Sectoral Distribution of 2017 Q 4 GDP Estimate (Incl. Oil) Sector GDP Estimate (GH₵ million) Percentage Distribution Agriculture 12, 120. 2 22. 9% Industry 13, 110. 9 24. 8% Services 27, 665. 4 52. 3% GDP at basic prices (including FISIM) 52, 896. 5 100. 0% GDP at purchaser’s value (including FISIM and net indirect taxes) 56, 304. 8 GDP Presentation April 11, 2018 7

Provisional 2017 Q 4 GDP at Constant 2006 Prices (Oil & Non-oil) v v The constant GDP estimate (incl. oil) for Q 4 of 2017 is GH₵ 10, 876. 8 million while the estimate for Q 4 of 2016 was GH₵ 10, 057. 8 million. The constant GDP estimate (excl. oil) for Q 4 of 2017 is GH₵ 9, 922. 3 million. The value recorded for Q 4 of 2016 was GH₵ 9, 453. 2 million. GDP Presentation April 11, 2018 8

Provisional 2017 Q 4 GDP Growth Rates The provisional 2017 Q 4 Real GDP (incl. Oil 1) grew by 8. 1% year-on-year compared to 4. 5% recorded for 2016 Q 4. The non-Oil provisional 2017 Q 4 Real GDP grew by 5. 0% year-on-year compared to 4. 1% recorded for 2016 Q 4. Quarter-on-quarter seasonally adjusted 2017 Q 4 GDP grew by 2. 1% compared to 2. 6% recorded for 2017 Q 3. Note: incl. Oil 1 means Oil and Gas GDP Presentation April 11, 2018 9

2017 Quarter-on-Quarter GDP Growth Rates (Seasonally Adjusted) The quarter-on-quarter seasonally adjusted GDP growth rate for the 4 th quarter of 2017 was 2. 1%. This means that the value of goods and services produced in the 4 th quarter of 2017 grew by 2. 1% over the value recorded in the 3 rd quarter of 2017. Quarter Seasonally Adjusted Constant GDP Estimate (GH₵ million) Growth Rate 2017 Q 1 9, 162. 7 1. 5 2017 Q 2 9, 351. 6 2. 1 2017 Q 3 9, 590. 9 2. 6 2017 Q 4 9, 793. 0 2. 1 GDP Presentation April 11, 2018 10

Quarterly GDP for the Agriculture Sector The year-on-year quarterly GDP growth rate for Agriculture is 8. 5% for the fourth quarter of 2017. The Crops sub-sector recorded the highest year-on-year growth rate of 9. 7% while the Forestry and Logging sub-sector recorded the lowest growth rate of 3. 0%. GDP Q 4 2016 Agriculture Sub-sector (GH₵ million) Crops GDP Q 4 2017 (GH₵ million) Y/Y Change Rate (%) 2, 210. 6 2, 425. 1 9. 7 256. 1 300. 0 17. 2 Livestock 273. 4 286. 1 4. 6 Forestry & logging 193. 4 199. 3 3. 0 Fishing 116. 9 122. 1 4. 4 2, 794. 4 3, 032. 6 8. 5 o/w Cocoa Total GDP Presentation April 11, 2018 11

Quarterly GDP for the Industry Sector The year-on-year quarterly GDP growth rate for the Industry sector is 17. 5% for Q 4 of 2017. The Mining & Quarrying sub-sector recorded the highest yearon-year quarterly GDP growth rate of 43. 9% for Q 4 of 2017, while the Manufacturing sub-sector recorded the lowest (1. 3%). Industry Sub-sector GDP Q 4 2016 GDP Q 4 2017 (GH₵ million) Y/Y Change Rate (%) Mining and Quarrying 767. 6 1, 104. 8 43. 9 Manufacturing Electricity Water & Sewerage Construction 609. 1 57. 5 77. 5 674. 0 617. 1 59. 1 80. 2 707. 5 1. 3 2. 8 3. 5 5. 0 2, 185. 8 2, 568. 8 o/w Oil and Gas Total 604. 5 954. 4 GDP Presentation April 11, 2018 57. 9 17. 5 12

Quarterly GDP for the Services Sector For the fourth quarter of 2017, the Services sector recorded a year-on-year quarterly GDP growth rate of 3. 4%. The Health & Social Work sub-sector recorded the highest year-on-year quarterly GDP growth rate of 24. 2% while the Public Administration, Defence & Social Security sub-sector recorded the lowest growth rate of -4. 0%. Services Sub-sector Trade, Repair of Vehicles, Household Goods Hotels and Restaurants Transport & Storage Information & Communication Financial & Insurance Activities Real Estate & Other Service Activities Public Administration & Defence Education Health & Social Work Community, Social & Other Personal Service Activities Total GDP Q 4 2016 GDP Y/Y Change Q 4 2017 Rate (%) 672. 9 324. 1 1007. 7 893. 1 423. 8 346. 1 404. 7 362. 1 134. 3 683. 3 332. 1 975. 0 1002. 5 431. 3 357. 6 388. 4 409. 5 166. 9 1. 5 2. 5 -3. 2 12. 2 1. 8 3. 3 -4. 0 13. 1 24. 2 295. 4 284. 7 -3. 6 4, 864. 2 5, 031. 2 3. 4 GDP Presentation April 11, 2018 13

FINAL 2016 ANNUAL GDP ESTIMATES GDP Presentation April 11, 2018 14

Final Annual Current GDP (Oil & Non-Oil) for 2016 v v The final current GDP estimate (incl. Oil) for 2016 is GH₵ 167, 353. 5 million. The final current GDP estimate (excl. Oil) for 2016 is GH₵ 164, 098. 7 million. GDP Presentation April 11, 2018 15

Final Sectoral Distribution of 2016 Annual GDP Estimate (Incl. oil) at Basic Prices Sector GDP Estimate Percentage (GH₵ million) Distribution Agriculture 29, 565. 3 18. 9% Industry 37, 964. 9 24. 3% Services 88, 946. 3 56. 8% 191, 212. 7 100. 0% GDP at basic prices (including FISIM) GDP at purchaser’s value (including FISIM and net indirect taxes) 167, 353. 5 GDP Presentation April 11, 2018 16

Final Annual Constant GDP (Oil & Non-oil) for 2016 v v The final GDP estimate (incl. Oil) at constant prices for 2016 is GH₵ 36, 103. 6 million. The final GDP estimate (excl. Oil) at constant prices for 2016 is GH₵ 34, 378. 7 million. GDP Presentation April 11, 2018 17

Final Annual GDP Growth Rate for 2016 (Inc. Oil) is 3. 7% Final Sectoral GDP Growth Rate for 2016 (incl. Oil) 2016 Revised 2016 Final Sector (Sept. 2017) (April 2018) Overall 3. 7 Agriculture 3. 0 Industry -0. 5 Services 5. 7 GDP Presentation April 11, 2018 18

PROVISIONAL 2017 ANNUAL GDP ESTIMATES GDP Presentation April 11, 2018 19

Current Annual GDP (Oil & Non-Oil) for 2017 v v The provisional current annual GDP estimate (incl. oil) for 2017 is GH₵ 205, 914. 0 million. The provisional current annual GDP estimate (excl. oil) for 2017 is GH₵ 195, 200. 0 million. GDP Presentation April 11, 2018 20

Sectoral Distribution of 2017 Annual GDP estimate (Incl. Oil) Sector Agriculture GDP Estimate Percentage (GH₵ million) Distribution 35, 046. 8 18. 3% Industry 48, 761. 5 25. 5% Services 107, 404. 4 56. 2% GDP at basic prices (including FISIM) 191, 212. 7 100. 0% GDP at purchaser’s value (including FISIM and net indirect taxes) 205, 914. 0 GDP Presentation April 11, 2018 21

Constant Annual GDP (Oil & Non-oil) for 2017 v v The provisional constant annual GDP estimate (incl. oil) for 2017 is GH₵ 39, 175. 0 million while the estimate for 2016 was GH₵ 36, 103. 6 million. This translates into a provisional annual Oil GDP growth rate of 8. 5% for 2017. The provisional constant annual GDP estimate (excl. oil) for 2017 is GH₵ 34, 378. 7 million. The value recorded for 2016 was GH₵ 34, 378. 7 million. This translates into a provisional annual non-Oil GDP growth rate of 4. 9% for 2017. GDP Presentation April 11, 2018 22

PROVISIONAL SECTORAL GROWTH RATES OF 2017 ANNUAL GDP ESTIMATES GDP Presentation April 11, 2018 23

Sectoral Annual GDP Growth Rates for 2017 (Incl. Oil) Sector Overall Constant GDP (GHc Million) Growth rate (Percent) 39, 175. 0 8. 5 Agriculture 8, 441. 3 8. 4 Industry 9, 887. 8 16. 7 Services 19, 553. 8 4. 3 GDP Presentation April 11, 2018 24

Annual GDP for the Agriculture Sector The year-on-year GDP growth rate for Agriculture is 8. 4% for 2017. The Fishing sub-sector recorded the highest year-on-year growth rate of 11. 7% while the Forestry and Logging sub-sector recorded the lowest growth rate of 1. 6%. Agriculture Sub-sector Crops 2016 annual GDP (GH₵ million) 2017 annual GDP (GH₵ million) Y/Y Change Rate (%) 5, 780 6, 321 9. 4 640 751 17. 3 Livestock 714 753 5. 4 Forestry & logging 784 796 1. 6 Fishing 512 572 11. 7 7, 790 8, 441 8. 4 o/w Cocoa Total GDP Presentation April 11, 2018 25

Annual GDP for the Industry Sector The year-on-year annual GDP growth rate for the Industry sector is 16. 7% for 2017. The Mining & Quarrying sub-sector recorded the highest yearon-year annual GDP growth rate of 46. 7% for 2017, while the Manufacturing sub-sector recorded the lowest (3. 7%). Industry Sub-sector 2016 annual 2017 annual GDP (GH₵ million) Y/Y Change Rate (%) Mining and Quarrying 2, 458 3, 606 46. 7 Manufacturing Electricity Water & Sewerage Construction 2, 452 220 308 3, 037 2, 543 233 329 3, 175 3. 7 6. 3 6. 8 4. 6 Total 8, 475 9, 888 o/w Oil and Gas 1, 725 3, 112 GDP Presentation April 11, 2018 80. 4 16. 7 26

Annual GDP for the Services Sector For the year 2017, the Services sector recorded a year-on-year GDP growth rate of 4. 3%. The Health & Social Work sub-sector recorded the highest year-on-year GDP growth rate of 14. 4% while the Community, Social and Other Personal Activities sub-sector recorded the lowest growth rate of -3. 8%. Services Sub-sector Trade, Repair of Vehicles, Household Goods Hotels and Restaurants Transport & Storage Information & Communication Financial & Insurance Activities Real Estate & Other Service Activities Public Administration & Defence Education Health & Social Work Community, Social & Other Personal Service Activities Total 2016 2017 annual GDP (GH₵ million) 2, 557 1, 364 3, 838 3, 275 1, 582 1, 319 1, 496 1, 427 578 (GH₵ million) 2, 628 1, 379 3, 853 3, 707 1, 590 1, 388 1, 518 1, 568 661 Y/Y Change Rate (%) 2. 8 1. 1 0. 4 13. 2 0. 5 5. 2 1. 5 9. 9 14. 4 1312 1, 433 -3. 8 GDP Presentation April 11, 2018 4. 3 27 18, 747 19, 554

MEMORANDUM ITEMS GDP Presentation April 11, 2018 28

Memorandum Items Economic Aggregate 2016 Population estimate (million) 28. 31 2017* 28. 96 Exchange rate, Interbank average (₵/$) Current GDP, incl. Oil (million GH₵) 3. 92 4. 36 167, 353 205, 914 Current GDP, excl. Oil (million GH₵) 164, 099 195, 200 Current GDP, incl. Oil (million US$) Per capita GDP (GH₵) Per capita GDP (US$) Growth Rates GDP (incl. Oil) at constant 2006 prices Non-Oil GDP at constant 2006 prices Change in GDP deflator 42, 685 47, 269 5, 911 1, 508 7, 110 1, 632 3. 7 8. 5 5. 0 17. 8 4. 9 13. 4 *Provisional GDP Presentation April 11, 2018 29

Highlights v The Q 4 2017 GDP at current prices was estimated at GH₵ 56, 304. 8 million. The corresponding value recorded for Q 4 2016 was GH₵ 47, 351. 5 million. v In constant terms, the Q 4 2017 GDP was estimated at GH₵ 10, 876. 8 million. For Q 4 2016, the estimated value was GH₵ 10, 057. 8 million. v The year-on-year quarterly GDP growth rate for Q 4 2017 was 8. 1% compared to the 4. 5% recorded for Q 4 2016. v The quarter-on-quarter GDP growth rate (seasonally adjusted) for Q 4 2017 was 2. 1%. The rate recorded for the third quarter of 2017 was 2. 6%. GDP Presentation April 11, 2018 30

Highlights (cont’d. ) v The final annual GDP estimate for 2016 at current prices is GH₵ 167, 353. 5 million. v The corresponding per capita GDP for 2016 is GH₵ 5, 911. v The 2016 final annual GDP at constant prices is estimated at GH₵ 36, 103. 6 million. v The final annual growth rate for 2016 is 3. 7%. GDP Presentation April 11, 2018 31

Highlights (cont’d. ) v The provisional annual GDP estimate for 2017 at current prices is GH₵ 205, 914. 0 million. v The corresponding per capita GDP for 2017 is GH₵ 7, 110. v The 2017 provisional annual GDP at constant prices is estimated at GH₵ 39, 175. 0 million. v The provisional annual growth rate for 2017 is 8. 5%. GDP Presentation April 11, 2018 32

Thank you for your TIME & attention GDP Presentation April 11, 2018 33