Year-on-year, the industrial sector shrank 2.7 percent in the fourth quarter of 2014. Only manufacturing went up by 3.4 percent, while water and sewerage (-1.3 percent), mining (-2.4 percent), construction (-7.1 percent) and electricity production (-11.1 percent) all contracted.
The agriculture sector expanded 7 percent in the fourth quarter of 2014. The forestry sub-sector recorded the highest growth rate (36.0 percent) while livestock the lowest (3.6 percent).
The services sector increased 8.2 percent. Information and communication activities recorded the highest increase (22.2 percent) while the health subsector shrank the most (-1.8 percent).
Considering full 2014, provisional estimates showed the GDP grew 4 percent, lower than an early estimate of 4.2 percent due to a sharp slowdown in industrial output (0.9 percent from an early 3.9 percent estimate).For 2015, the government forecasts the economy will slow to 3.9 percent.
The IMF recently approved a three-year USD 918 million bailout program to help the country implement a reform program and restore investors’ confidence. A drop in prices for major commodity exports helped widening fiscal and current account deficits and a falling cedi pushed inflation up.