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.
