In 2023, Ghana experienced a 2.9% Growth in its Economy

bankinginachallengedeconomy feature

bankinginachallengedeconomy feature

According to the Ghana Statistical Service’s announcement on Wednesday, the country’s economy expanded by 2.9% in 2023, reflecting a decrease from the 3.8% growth recorded in 2022.

Highlighting key details, the Statistical Service emphasized that the final quarter of 2023 registered the highest real GDP growth rate at 3.8%, mirroring the growth rate observed in the fourth quarter of 2022.

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

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In terms of 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%.

Of particular significance, the Statistical Service highlighted 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) contributed to over 50% of Ghana’s GDP.

 

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