Ghana's economy soars to GH?841bn in 2023

Ghana's economy witnessed substantial growth in 2023, with the value surging to GH?841.6 billion, marking a significant increase of GH?227 billion from the previous year's GH?614.3 billion.

According to data from the Ghana Statistical Service (GSS), the surge was primarily driven by the services sector, contributing GH?357.34 billion or 45.6% of Gross Domestic Product (GDP). Industry followed with GH?247.941 billion (31.7% of GDP), and agriculture at GH?177.606 billion (22.7% of GDP).

Future Outlook: Government Projects Economy to Exceed GH?1tn in 2024

Government projections anticipate further economic growth, aiming for Ghana's economy to surpass the GH?1 trillion mark in 2024.

Despite a slight dip from 2022, the economy recorded a cumulative growth rate of 2.9% in 2023, with the fourth quarter standing out at 3.8%.

The service sector led the annual growth with a rate of 5.5%, while industry contracted. Agriculture remained steady.

Sub-sector Trends: Four Key Sub-sectors Contribute Over 50% to GDP

A notable trend emerged with four sub-sectors—crops, trade and repair of vehicles, household goods; mining and quarrying; and manufacturing—contributing over 50% to Ghana's GDP, indicating sustained growth over the years.

While Gross National Income per capita from a local currency perspective doubled since 2018, reaching GH?25,349, the dollar perspective remained relatively stable over the past six years, ranging from a high of US$2,453 to a low of US$2,126.

Read Full Story