Latest data from the Ghana Statistical Service, GSS has revealed that Ghana’s economy has expanded by 3.1% in 2022.
According to the GSS, this is dip as compared to the 5.1 percent record in the year 2021.
The data also shows that that the economy grew by 3.7 percent in the fourth quarter of 2022.
Addressing the media, Government Statistician Prof Samuel Kobina Annim said, “Ghana 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 of 2022; 0.3 percentage points higher than what was recorded in quarter three (July to September) of 2022,” he added.
Per the Ghana Statistical Services, the data indicates that this growth was driven by growth in the mining and quarrying, information and communication, public administration, defense and social security, crops, and education sub-sectors.
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.
The Services Sector also recorded the highest growth of 44.9 percentage points as compared to the 48.5 percent recorded in 2021 while the Agricultural sector recorded a 20.9 percentage point for the year under review.
Source: Ghana Business