Saturday, 27 April

Size of Ghana's economy reaches ¢841.63bn

Business
Ghana cedi notes and coins

Ghana's economy reached GH¢841.63 billion in 2023, as disclosed by the Ghana Statistical Services, marking a significant increase from GH¢614.33 billion in 2022. 

The latest figures 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.

Source: classfmonline.com