Ghana’s economy beat most analysts’ forecasts as it grew at a rate of 2.9% in 2023, data from the Ghana Statistical Services has revealed.
The IMF and the World Bank had projected a below 2% growth rate whilst the Ministry of Finance had revised the country’s Gross Domestic Product (GDP) growth to 1.5%.
According to figures from the GSS, the expansion of the economy was spearheaded by Information and Communication (18.0%) and Livestock (6.5%), Health and Social Work (8.3%) and crops (4.8%).
For the sectors, 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.
Industry 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.
Meanwhile, two (Crops and Trade, Repair of Vehicles and Household Goods) of the 22 sub-sectors account for nearly 40.0 percent (37.7%) of the GDP in 2023.
Meanwhile, the GDP per capita has remained about the same in the last six years, ranging from a highest $2,453 to a lowest of $2,126.
Source: Business Analyst