Ghana’s economy grew by 2.9% in 2023

The Ghana Statistical Service announced on Wednesday that the country’s economy grew by 2.9% in 2023, marking a decrease from the 3.8% growth recorded in 2022.

Providing further details, the Statistical Service indicated that the final quarter of 2023 witnessed the highest real GDP growth rate at 3.8%, reflecting the growth rate observed in the fourth quarter of 2022.

Breaking down the figures in nominal terms, the GSS reported that Ghana’s GDP, which includes estimates from the Oil and Gas sector at constant 2013 prices for the fourth quarter of 2023, amounted to GHS50,645.7 million, compared to GHS48,796.8 million in the fourth quarter of 2022.

Regarding sectoral growth, the services sector led with a 5.1% increase, followed closely by the agriculture sector at 4.5%, while the industry sector recorded a GDP growth of 1.6%.

An interesting observation made by the Statistical Service was that for the first time in approximately 11 years, four out of the 22 sub-sectors (Crops; Trade, Repair of Vehicles and Household Goods; Mining and Quarrying; and Manufacturing) accounted for over 50% of Ghana’s GDP.