Ghana’s economy to hit $70bn in 2021

The size of Ghana’s economy is expected to jump from US$62.8 billion to hit US$70 billion by the end of the year, Fitch Solutions, research arm of ratings agency, Fitch’s, April 2021 West Africa Monitor has revealed.

This will translate into per capita income of US$2,206 in 2021, from US$2,020 recorded last year.

However, the Ghana Statistical Service will this Wednesday [21st April, 2021] release the actual growth rate estimate of the country for last year.

Also, the total value of goods and services produced in the country is expected to go up by US$5 billion to US$75.5 billion next year, and further to US$83.2 billion in 2023.

This will firm up Ghana’s position as the 8th biggest economy in Africa.

The economy is forecast to hit 4.5% this year with all the sectors contributing to some extent to the relative appreciable growth rate for this year. Sub sectors that are expected to drive the Gross Domestic Product (GDP) growth rate are Information & Communication, Fishing and Real Estate.

But the question many have been asking is whether the high growth rate is translating into jobs and improvement in the livelihood of the people.

Exports including gold, cocoa and oil have all been buoyant so far in 2021, whilst ports, construction and passenger arrival at the airport, according to the Bank of Ghana’ updated Composite Index of Economic Activity have picked-up.

Meanwhile, Nigeria, Egypt and South Africa will remain 1st, 2nd and 3rd biggest economies on the continent. Nigeria’s economy is presently estimated at US$466 billion.

Top 10 biggest economies in Africa in 2020

Country Nominal GDP (US$) Per Capita Income (US$)
Nigeria 466 2,210.00
Egypt 374.89 3,610.00
South Africa 317.19 5,240.00
Algeria 147.323 3,331.08
Morocco 112.220 3,121.38
Kenya 101.048 2,075.22
Ethiopia 95.588 974.09
Ghana 69.757 2,266.00
Tanzania 64.123 1,105.55
Angola 62.724 2,021.31