Latest data from the Ghana Statistical Service (GSS) has disclosed that Ghana’s economy grew by 3.7% in the last quarter of 2022, less than the projections made.
Addressing the media on Wednesday (19 April) in Accra, Government Statistician Prof Samuel Kobina Annim said provisional estimates indicates that Ghana’s economy expanded by 3.1% in 2022, 0.6% lower than 3.7% forecast by the government.
This is below Ghana’s average Gross Domestic Product (GDP) growth rate of 5.0 percent pre-COVID-19 period.
“Ghana’s provisional real gross domestic product (GDP) in volume terms was estimated to have increased by 3.7% in quarter four (October to December) of 2022 compared to the same period in 2021.
“When seasonally adjusted, Ghana real GDP increased by 0.8% in quarter four (October to December) of 2022; 0.3 percentage points higher than what was recorded in quarter three (July to September) of 2022.”
Prof Samuel Kobina Annim
According to Prof Annim, the mining and quarrying, information and communication, public administration, defense and social security, crops, and education sub-sectors were the main drivers of GDP growth for the fourth quarter of 2022.
Industry Growth
According to the GSS, Industry recorded a GDP growth rate of 0.9%. But the Manufacturing sub-sector (-2.5%), Electricity (-3.3%), Water and Sewerage (-4.9%) and Construction (-4.0%) sub-sectors contracted.
In that sector, the Mining and Quarrying sub-sector recorded the highest year-on-year annual GDP growth rate of 8.1% for 2022.
Also, the Agriculture sector expanded by 4.2% for 2022.
The Fishing sub-sector recorded the highest year-on-year growth rate of 8.8% in the agriculture sector, while the Forestry and Logging sub-sector recorded the lowest with a (1.7%).
The Services sector recorded the highest GDP growth rate of 5.5% for the year 2022.
The Information and Communication sub-sector recorded the highest year-on-year GDP growth rate of 19.7%, while the Professional, Admin and Support Services sub-sector recorded the lowest with a contraction of 10.9%.
Meanwhile, the size of the economy was estimated at ¢610.2 billion in 2022.
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