Ghana’s economy grew by 2.9% in 2023

Ghana’s economy grew by 2.9% in 2023

Ghana’s Gross Domestic Product (GDP) grew by 2.9% in 2023. This is a decline from the 3.8% growth in 2022.

This is according to data released by the Ghana Statistical Service on Wednesday.

The Statistical Service said the real GDP growth rate in the fourth quarter of 2023 was 3.8%, which was the same as the growth rate in the same quarter of 2022.

In terms of nominal values, the GSS stated that for the fourth quarter of 2023, Ghana’s GDP—which incorporates estimates from the Oil and Gas sector at constant 2013 prices—was GHS50,645.7 million, or roughly 50 billion, as opposed to GHS48,796.8 million, or roughly 48 billion, for the same period in 2022.

Regarding sectoral growth, the industries sector saw a 1.6% GDP gain, while the services sector dominated with a 5.1% increase. The agriculture sector came in second, at 4.5%.

Statistical Service pointed out in particular that four of the 22 subsectors—Crops; Trade, Repair of Vehicles and Household Goods; Mining and Quarrying; and Manufacturing—accounted for more than 50% of Ghana’s GDP for the first time in about 11 years.

By: Josephine Mekpa | | Ghana

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