Prime News Ghana

Ghana’s informal sector records 5.9% growth in 2019

By PrimeNewsGhana
A trader in Ghana
A trader in Ghana

Ghana’s informal sector recorded a growth of 5.9% in 2019; which is the second-highest following the rebasing of the economy.

In relation to prices of commodities with reference to 2013 which is the base year for calculating Ghana’s economic year, the informal sector’s worth reached 45.2 billion cedis, which is the highest value for the last three years.

Per the latest figures published by the Ghana Statistical Service, the value of all economic activities recorded in the informal sector which largely involves the buying and selling of various goods, for last year, reached 92.5 billion cedis.

This represents an increase of 26.5% compared to the 2018 figure of 27%.

But making provisions for inflation with reference to prices of goods and services for 2013 as the base year, the value of the informal sector recorded 45.2 billion cedis; representing a growth of 5.9% after the sector recorded a drop in growth at 2.6% the previous year.

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Meanwhile, indirect taxes share of the total value of all goods and services with 2013 as the base year, reached 9.09 billion cedis.

This is the highest compared to the 7.96% and 8.56 billion cedis recorded in 2017 and 2018 respectively.

Comparing the growth rate for the last three years however, the highest growth was recorded in 2018 at 7.5%, followed by 6.1% in 2019 and 4.6% in 2017.

Credit : Citibusinessnews