The World Bank has said Ghana’s economic indicators show that the economy may have begun to deindustrilise prematurely.
According to the Bretton Wood Institution, Ghana’s manufacturing sector’s share of employment has peaked at a time when national income is lower than it was in other countries such as the Republic of Korea, Malaysia and Brazil, when they began transitioning to a services economy.
According to the Ghana Statistical Service (GSS), Ghana’s manufacturing sector despite the Covid-19 pandemic grew by 4.9 per cent in the third quarter of 2020.
That notwithstanding, the country’s manufacturing sector is still small compared to its peers on the Continent.
The World Bank posits that Ghana’s economy lacks complexity, as suggested by its exports, which are dominated by primary products, such as oil, cocoa, and gold.
Adding the level of complexity in the economy appears to have changed very little over the last decade.