Ghana Statistical Service (GSS), the economy grew by 2.9 percent in 2023, according to the latest figures.
This represents a decrease of 0.9 percentage points from the 3.8 percent growth recorded in 2022, but it is still higher than the government’s revised target of 1.5 percent for the same period.
In the fourth quarter of 2023, the economy expanded by 3.8 percent, marking the highest growth among all four quarters of the year.
The annual growth was primarily driven by the service sector, which saw a growth rate of 5.5 percent. However, the industry sector experienced a contraction in growth.
Over the span of more than ten years, four of the 22 sub-sectors, including crops, trade, vehicle repair, and household goods, have collectively contributed to over 50 percent of Ghana’s GDP.
This proportion has been steadily increasing, with the latter two sectors accounting for more than 60 percent of the GDP in recent recordings.
The Gross National Income (GNI) per capita in local currency has more than doubled since 2018, rising from GHS 9,813 to GHS 25,349.
However, when viewed in dollars, the income per person has remained relatively constant over the past six years, fluctuating between a high of US$ 2,453 and a low of US$ 2,126.