Ghana's economy experienced 2.9% growth in 2023 – Ghana Statistical Service

Recent data released by the Ghana Statistical Service reveals that the country's economy experienced a cumulative growth of 2.9 percent in 2023, marking a decline from the previous year's 3.8 percent but surpassing the government's revised target of 1.5 percent.

The fourth quarter of 2023 saw a notable expansion of 3.8 percent, representing the highest growth rate among the four

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The service sector emerged as the primary driver of annual growth, registering a robust 5.5 percent expansion. Conversely, the industry sector experienced contraction during the same period.

Analysis of sub-sectors indicates that four out of 22 sub-sectors, namely crops, trade, repair of vehicles and household goods, mining, quarrying, and manufacturing, contributed to over 50 percent of Ghana's GDP. Notably, the latter two sub-sectors have consistently accounted for over 60 percent of GDP in recent years.

While Gross National Income (GNI) per capita in local currency has more than doubled since 2018, reaching GHS 25,349, the GNI per capita in US dollars has remained relatively stable over the past six years, fluctuating between US$ 2,126 and US$ 2,453.