Ghana records 2.9% GDP growth in 2023

Ghana’s economy grew 2.9 per cent growth in 2023 lower than to 3.8 per cent recorded in 2022, the Ghana Statistical Service said on Wednesday.

The Statistical Service indicated that the last quarter of 2023, recorded the highest real GDP growth rate, which was 3.8 per cent, the same growth rate recorded in the fourth quarter of 2022.

In terms of nominal values, GSS noted that the country’s GDP, including Oil and Gas estimate at constant 2013 prices for the fourth quarter of 2023 was GHS50,645.7 million (about 50 billion) compared to GHS48,796.8 million (about 48bn) in the fourth quarter of 2022.

On sectoral basis, the services sector recorded the highest growth of 5.1 per cent, followed by the agriculture sector at 4.5 per cent, while industry sector recorded a GDP growth of 1.6 per cent.

The Statistical Service noted that this was the first time in about 11 years that four of the 22 sub-sectors (Crops; Trade, Repair of Vehicles and Household Goods; Mining and Quarrying and Manufacturing) have accounted for more than 50 percent of Ghana’s GDP.

Meanwhile, Ms Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF) has challenged the government to work towards achieving a five per cent GDP growth.

“What we want to see is a dynamic economy; we want to see Ghana back to a five per cent growth or more, and we believe that this is achievable,” she said, during a media engagement with some selected journalists in Accra.

Source: GNA