Economy

Economy grows 3.1percent in 2022 

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Provisional estimates from the Ghana Statistical Service indicates that Ghana’s economy expanded by 3.1% in 2022, 0.6% lower than 3.7% forecast by the government.

This is below Ghana’s average Gross Domestic Product (GDP) growth rate of 5.0% pre-Covid-19.

It beat most analysts forecast as the African Development Bank in January 2023 had projected that Ghana’s economy grew by 3.6% in 2022.

In 2021, post Covid-19, the economy grew by 0.9%.

According to the GSS, Industry recorded a GDP growth rate of 0.9%. But the Manufacturing sub-sector (-2.5%), Electricity (-3.3%), Water and Sewerage (-4.9%) and Construction (-4.0%) sub-sectors contracted.

In that sector, the Mining and Quarrying sub-sector recorded the highest year-on-year annual GDP growth rate of 8.1% for 2022.

Also, the Agriculture sector expanded by 4.2% for 2022.

The Fishing sub-sector recorded the highest year-on-year growth rate of 8.8 % in the agriculture sector, while the Forestry and Logging sub-sector recorded the lowest with a (1.7%).

The Services sector recorded the highest GDP growth rate of 5.5% for the year 2022.

The Information and Communication sub-sector recorded the highest year-on-year GDP growth rate of 19.7%, while the Professional, Admin and Support Services sub-sector recorded the lowest with a contraction of 10.9%.

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