According to the Ghana Statistical Service, Ghana's economy grew by 2.9% in 2023, a decline from the 3.8% growth recorded in 2022. The last quarter of 2023 saw the highest real GDP growth rate at 3.8%, matching the fourth quarter of 2022.
In nominal values, the country's GDP, including Oil and Gas estimates at constant 2013 prices, reached GH¢50,645.7 million in the fourth quarter of 2023, compared to GH¢48,796.8 million in the same period of 2022.
Sectorally, the services sector recorded the highest growth at 5.1%, followed by agriculture at 4.5%, while the industry sector saw a growth of 1.6%. Notably, four of the 22 sub-sectors, including Crops, Trade, Repair of Vehicles and Household Goods, Mining and Quarrying, and Manufacturing, accounted for more than 50% of Ghana's GDP, marking a significant shift.
Meanwhile, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), challenged the government to target a five per cent GDP growth. She emphasized the need for Ghana to strive for a dynamic economy and expressed confidence that achieving a growth rate of 5% or more was attainable.