The size of the Ghanaian economy stood at GH₵459.130 billion in 2021, provisional estimates from the Ghana Statistical Service has revealed.
However, the economy expanded by 5.4% in 2021, a year that COVID-19 pandemic was still lingering around.
This shows that the Ghanaian economy is still strong despite the challenges it has faced in recent times.
According to the data from the GSS, the Services sector recorded the highest GDP growth rate of 9.4% in 2021.
It was led by the Information & Communication sub-sector, recording the highest year-on-year Gross Domestic Product (GDP) growth rate of 33.1% while the Education sub-sector recorded the lowest (-3.7%.).
Also, Hotels and Restaurants as well as Financial and Insurance Activities grew by 4.3% and 2.4% respectively.
The Agriculture sector followed suit, growing at a rate of 8.4% in 2021.
The Fishing sub-sector recorded the highest year-on-year growth rate of 13.4 %, while the Forestry and Logging sub-sector recorded the lowest (4.7%).
Livestock and Crops recorded also expanded by 5.5% and 8.9% respectively.
Industry however contracted by 0.8% in 2021.
This was due to a contraction in the Mining and Quarrying sub sector (12.1%).
The Water & Sewerage sub-sector however recorded the highest year-on-year annual GDP growth rate of 13.3% for 2021.
Manufacturing, Electricity and Construction expanded by 7.8%, 7.4% and 5.7% respectively.
The year-on-year quarterly GDP growth rate for the 4th quarter of 2021 was however 7.0% compared to the 4.3% recorded for Q4 2020.
Ghana was among the top 11 growing economies in 2021.
Credit: Business Analyst