Fall in cocoa and gold prices affected economy in 2013

A global decrease in the prices of gold and cocoa were major contributors to the fall of the economy in 2013, Mr Edward Ato Sarpong, Deputy Minister of Communication said on Tuesday.

He disclosed that the country lost GH¢130,000 last year due to the global decrease, which is equivalent to four per cent of the Gross Domestic Product (GDP).

Mr. Sarpong was explaining reasons behind the current national economic downturn at the well attended Government for the People Forum in Sunyani.

He said the fall in the prices of the country’s major contributors (cocoa and gold) affected the economy which dropped at an average of 20 per cent in 2013.

The Deputy Minister stated that the country could re-structure and build a stabilized economy, if citizens develop the taste for domestic or local products, saying that, the country spent about GH¢165,000 on the importation of fish last year.

Mr Sarpong said the rampant fire outbreaks coupled with the eight month election petition brought uncertainty, and impacted negatively in the overall economy.

“In such situations there will definitely be a hitch in the economy and President John Dramani Mahama cannot do anything about it”, he said.

Mr Sarpong appealed to Ghanaians to support the government in finding lasting solutions to the national economic crisis.

Credit: GNA