Analytic Study Of The Trend Of Ghanas GDP Before And After Re-basing

Abstract

The fourth republican constitution came into force in 1993. Ghana statistical Service also re-based Ghanas GDP in the same year. From 1993 to 2005, the average GDP growth rate was about 4.3%. Within the period of 1993 and 2005, Ghana was still below the lower middle income level. Another re-basing took place in 2006. It is now believed that we are in the lower middle income level. The study was conducted to develop mathematical models to predict the trend of Ghanas GDP before re-basing and after re-basing in 2006, use the models before and after re-basing to predict the future trend in Ghanas GDP growth, compare our GDP growth before re-basing and after re-basing, to determine whether or not, there are fluctuations in our GDP growth and predict Ghanas per capita income status in 2015. Data on Ghanas GDP were collected from the Statistical Service Department. The GDP figures from 1993-1995 and from 1996-2010 were plotted separately on graphs. A function whose graph best fits each trend was found using regression analysis. It was observed that Ghanas GDP trends before and after re-basing was exponential. There were also no fluctuations in the growth of the economy. Ghana may still be in the lower middle income status by 2015.

Analysis of Ghana’s Gross Domestic Product from 1960 - 2019

“…However, between 2001-2012, Ghana's economy experienced a significant growth in GDP. According to (Sarpong et al, 2013), between 1993 and 2000, there were some variations in the real GDP growth rate as a percentage; however, from 2000 to 2006, this rate had generally increased.…”