Ghana’s economy grows by 2.9%

Ghana’s economy expanded by 2.9% in 2023, surpassing the Finance Ministry’s revised projection of 1.5%. 

However, this growth rate represents a slight deceleration from the 3.1% recorded in 2022.

Data from the Ghana Statistical Service reveals that the Industry sector contracted by -1.2% in 2023, compared to a 0.6% GDP growth in 2022, despite remaining the largest segment of the economy. 

The Electricity and Construction subsectors experienced significant contractions of 10.9% and 9.9% respectively, contributing to the overall decline. 

Only the Mining and Quarrying subsector saw growth, at a rate of 2.5%.

In contrast, the Agriculture sector expanded by 4.0% in 2023, albeit slower than the 4.5% growth recorded in 2022. 

With the exception of Forestry and Logging, all subsectors within Agriculture experienced growth, with the Livestock subsector leading at 4.9%.

The Services sector saw robust growth of 5.5% in 2023, with all 12 subsectors expanding. Information and Communication exhibited the highest growth rate at 18.0%, while Trade and Repair of Vehicles, Household Goods had the lowest growth rate at 0.3%.

Government Statistician, Professor Samuel Kobina Annim, noted a higher growth rate of 3.8% in the last quarter of 2023, driven by the oil and gas subsector. 

This marks the first time in over a year that Ghana has seen an increase in oil GDP growth.

Over the past 11 years, four subsectors (Crops; Trade, Repair of Vehicles and Household Goods; Mining and Quarrying; and Manufacturing) have consistently contributed over 50.0% to Ghana’s GDP. Recent years have seen this share increase to over 60.0%, indicating a shifting economic landscape.

Source: classfmonline

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