Ghana’s GDP grew by 2.9% in 2023

Following 3.8% growth in 2022, Ghana’s GDP grew by 2.9% in 2023, according to data released by the Ghana Statistical Service on Wednesday.

To provide further details, the Statistical Service said that the real GDP growth rate in the fourth quarter of 2023 was 3.8%, which was the same as the growth rate in the same quarter of 2022.

In terms of nominal values, the GSS stated that for the fourth quarter of 2023, Ghana’s GDP—which incorporates estimates from the Oil and Gas sector at constant 2013 prices—was GHS50,645.7 million, or roughly 50 billion, as opposed to GHS48,796.8 million, or roughly 48 billion, for the same period in 2022.

The Statistical Service noted that, for the first time in about 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. The services sector led the way in terms of sectoral growth, with a 5.1% increase, closely followed by the agriculture sector at 4.5%.

Source: Ghanatodayonline.com