Ghana’s economy grew by 2.9% in 2023

The Ghana Statistical Service revealed on Wednesday that Ghana’s economy experienced a 2.9% growth in 2023, marking a decline from the 3.8% growth seen in 2022.

Highlighting the specifics, the Statistical Service noted that the final quarter of 2023 showcased 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, 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 (around 50 billion), in comparison to GHS48,796.8 million (approximately 48 billion) in the fourth quarter of 2022.

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 note, the Statistical Service highlighted that for the first time in roughly 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.