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%.
Credit: Joy Business