Value of Ghana’s economy increased to GH?841bn in 2023

The value of the economy in 2023 stood at GHS841.6bn relative to GH¢ 614.3bn representing a GH¢227bn increase from the previous year.

This was driven by the dominance of the services sector which contributed GH¢357.34 billion or 45.6% of Gross Domestic Product (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%).

Already, the government anticipates that Ghana’s economy will surpass one GHS 1tn in 2024.

Per the latest data from the Ghana Statistical Service, the cumulative growth of the economy stood at 2.9 percent in 2023.

This is a 0.9 percentage points drop from the 3.8 percent recorded in 2022 but higher than the government’s revised target of 1.5 percent for the period under review.

The fourth quarter also expanded by 3.8 percent. This was the highest for the four quarters of the year 2023.

The annual growth was largely dominated by the service sector which recorded an annual rate of 5.5 percent. The growth rate for the industry sector, however, contracted.

In more than a decade four out of the 22 sub-sectors including crops, trade, repair of vehicles and household goods; mining, quarrying and manufacturing accounted for more than 50 percent of Ghana’s GDP which is increasing over time as the last two have recorded a share of more than 60 percent.

Gross National Income per capita from a local currency perspective has more than doubled since 2018 from GH¢ 9,813 to GH¢ 25,349, however from a dollar viewpoint the income per head has remained about the same in the last six years, ranging from a highest US$ 2,453 to a lowest of US$ 2,126.

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