Economy

Ghana’s economy grew by 2.9% in 2023

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Ghana’s economy recorded a 2.9% Gross Domestic Product (GDP) growth in 2023, stronger than the revised 1.5% by the Finance Ministry.

The growth rate is slower than the 3.1% recorded in 2022.

According to the data from the Ghana Statistical Service, the Industry sector contracted by 1.2%, compared to 0.6% GDP in 2022. It however remains the biggest size of the economy.

The 10.9% and 9.9% contraction of the Electricity and Construction subsectors in 2023 caused the decline in the GDP of Industry. Mining and Quarrying (2.5%) was the only subsector that recorded a growth rate.

The Agriculture sector grew at a rate of 4.0% in 2023, compared with 4.5% in 2022.

Except Forestry and Logging which contracted by 5.0%, all the subsectors expanded. The Livestock subsector recorded the biggest GDP of 4.9%.

The Services sector also grew at a rate of 5.5% in 2023.

All the 12 subsectors expanded last year. The Trade, Repair of Vehicles, Household Goods (0.3%) recorded the lowest growth rate whilst Information and Communication (18.0%) registered the highest growth rate.

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

Meanwhile, this is the first time in more than a year that Ghana recorded a higher growth rate in oil GDP.

In more than a decade (11 years), four (Crops; Trade, Repair of Vehicles and Household Goods;
Mining and Quarrying and Manufacturing) of the 22 sub-sectors have accounted for more than
50.0% of Ghana’s GDP, which is increasing over time as the last two years have recorded
a share of more than 60.0%.

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