Ghana’s economy valued at ¢841.63bn
Adnan Adams Mohammed
Ghana’s current Gross Domestic Product in value terms stood at GH¢841.63 billion in 2023, according to Ghana Statistical Services data.
This shows a significant jump in the economic activities when compared to the GH¢614.33 billion recorded in 2022.
Although, the 2024 value include net indirect taxes estimated at GH¢58.74 billion.
The services sector emerged as the largest contributor, accounting for GH¢357.34 billion or 45.6% of GDP, followed by industry with GH¢247.941 billion (31.7% of GDP), and agriculture at GH¢177.606 billion (22.7% of GDP).
Sub-sectors by share of GDP included Crops (19.4%), Trade and Repair of Vehicles, Household Goods (18.3%), Mining and Quarrying (12.9%), Manufacturing (12.1%), and Transport and Storage (6.0%).
The last quarter of 2023 saw the highest real GDP growth rate at 3.8%, with the industry sector shifting from contraction to expansion by 1.6%.
Gross National Income per capita in local currency doubled since 2018, reaching GH25,349.
However, from a US dollar perspective, income per head has remained relatively steady, ranging from $2,126 to $2,453 in the last six years.
The Ghanaian economy expanded by 2.9% in 2023, surpassing the Finance Ministry’s revised forecast of 1.5% but falling slightly short of the 3.1% growth recorded in 2022.
However, this growth rate represents a slight deceleration from the 3.1% recorded in 2022.
The GSS reported further indicated that the industry sector contracted by -1.2% in 2023, compared to a 0.6% GDP growth in 2022, despite remaining the largest segment of the economy.
The Electricity and Construction subsectors experienced significant contractions of 10.9% and 9.9% respectively, contributing to the overall decline.
Only the Mining and Quarrying subsector saw growth, at a rate of 2.5%.
Government Statistician, Professor Samuel Kobina Annim, noted a higher growth rate of 3.8% in the last quarter of 2023, driven by the oil and gas subsector.
This marks the first time in over a year that Ghana has seen an increase in oil GDP growth.
Over the past 11 years, four subsectors (Crops; Trade, Repair of Vehicles and Household Goods; Mining and Quarrying; and Manufacturing) have consistently contributed over 50.0% to Ghana’s GDP. Recent years have seen this share increase to over 60.0%, indicating a shifting economic landscape.
