By According to the latest data from the Ghana Statistical Service, the economy’s cumulative growth rate was 2.9 percent in 2023.
This marks a decline of 0.9 percentage points from the 3.8 percent recorded in 2022, but it surpasses the government’s revised target of 1.5 percent for the same period.
The fourth quarter also saw growth, expanding by 3.8 percent, marking the highest growth among the four quarters in 2023.
The annual growth was primarily driven by the service sector, which recorded an annual rate of 5.5 percent. However, the industry sector experienced a contraction in its growth rate.
Over the past decade, four out of the 22 sub-sectors, namely crops, trade, repair of vehicles and household goods; mining, quarrying, and manufacturing, have collectively contributed to over 50 percent of Ghana’s GDP. This share has been increasing over time, with the latter two sub-sectors accounting for more than 60 percent recently.
The Gross National Income per capita, when viewed in the local currency, has more than doubled since 2018, rising from GHS 9,813 to GHS 25,349. However, from a dollar perspective, the income per capita has remained relatively stable over the last six years, ranging from a high of US$ 2,453 to a low of US$ 2,126.
