The Ghana Statistical Services (GSS) has unveiled the remarkable growth of Ghana‘s economy in 2023, reaching GH¢841.63 billion, a substantial leap from GH¢614.33 billion in 2022.
This surge includes net indirect taxes totaling GH¢58.74 billion, indicating a robust economic performance.
The services sector emerged as the primary driver, contributing GH¢357.34 billion, which accounts for 45.6% of the GDP.
Following closely is the industry sector with GH¢247.941 billion (31.7% GDP contribution), and agriculture at GH¢177.606 billion (22.7% GDP contribution).
Key sub-sectors fueling this growth include Crops (19.4%), Trade & Household Goods Repair (18.3%), Mining and Quarrying (12.9%), Manufacturing (12.1%), and Transport & Storage (6.0%).
The last quarter of 2023 marked the highest real GDP growth rate at 3.8%, with the industry sector notably shifting from contraction to a 1.6% expansion.
Despite these gains, Gross National Income per capita, while doubling since 2018 in local currency (from GH9,813 to GH25,349), has stagnated in US dollars, ranging between $2,453 and $2,126 over the past six years.
The overall GDP growth for 2023 stood at 2.9%, surpassing the Finance Ministry’s revised estimate of 1.5%, albeit slightly below the 3.1% recorded in 2022, showcasing Ghana’s resilience and economic dynamism amidst global challenges.