The economy’s worth in 2023 was GHS841.6 billion, up from GH¢614.3 billion the previous year, reflecting a GH¢227 billion rise.
This was led by the dominance of the services sector, which contributed GH¢357.34 billion or 45.6% of GDP, followed by industry with GH¢247.941 billion (31.7% of GDP), and agriculture with GH¢177.606 billion.
Crops (19.4%), trade and repair of cars, household goods (18.3%), mining and quarrying (12.9%), manufacturing (12.1%), and transport and storage (6.0%) were the top GDP-generating subsectors.
Already, the government forecasts that Ghana’s economy would exceed GHS 1 trillion by 2024.
According to the most recent statistics from the Ghana Statistical Service, the economy’s total growth rate was 2.9 percent in 2023.
This is a 0.9 percentage point decrease from the 3.8 percent achieved in 2022, but it exceeds the government’s lowered aim of 1.5 percent for the time under consideration.
The fourth quarter also grew by 3.8%. This was the highest for the fourth quarter of 2023.
The service sector accounted for the majority of yearly growth, at a rate of 5.5%. However, the industry sector’s growth rate decreased.
In more than a decade, four of the 22 sub-sectors, comprising agriculture, trade, car repair, and household goods; mining, quarrying, and manufacturing, accounted for more than half of Ghana’s GDP, a figure that is increasing with time, with the latter two accounting for more than 60%.
From a local currency perspective, Gross National Income per capita has more than tripled since 2018, from GH¢ 9,813 to GH¢ 25,349. However, from a dollar perspective, income per head has stayed approximately the same in the previous six years, fluctuating from a high of US$ 2,453 to a low of US$ 2,126.
