The Ghana Statistical Service has announced that it has rescheduled the rebasing of the economy to September this year (2018).
The service had earlier announced that it would complete the process of rebasing the economy by May 2018 after earlier postponements.
By rebasing the economy, the base year for calculating the Gross Domestic Product (GDP) which refers to the monetary value of all finished goods and services produced within a particular period will be moved from 2006 to 2013.
After the exercise Ghana’s GDP is expected to increase.
The exercise is in fulfillment of international practice which requires countries to rebase their economies at least after every ten years.
Explaining the reasons behind the postponement, Acting Government Statistician Mr. Baah Wadieh stated that “the new date is to enable the service engage all stake holders before the exercise”.
It is important that the figures are quality assured, so certain quality measures are being put in place”, he added.
He said, “we have been advised to carry out the process critically and assure that all stake holders are on board. So that is what we are doing, so we have to agree because it’s more for the consumption of the public than we working mechanically”.
Rebasing GDP, which is revising the methods and base data used to calculate GDP has become a growing trend among African countries in recent years.
The process, which provides a clearer picture of an economy’s size and structure, has implications for a wide array of economic stakeholders.
For instance, updated figures allow governments to better evaluate their fiscal positions and potential revenue bases while providing investors with more accurate information on which to base their investment decisions.
Story: Business Desk