The economy of Ghana in 2023 reached GHS 841.6 billion, marking a significant increase of GHS 227 billion compared to the previous year’s GHS 614.3 billion.
This growth was primarily fueled by the dominance of the services sector, contributing GHS 357.34 billion (45.6% of GDP), followed by industry with GHS 247.941 billion (31.7% of GDP), and agriculture at GHS 177.606 billion (22.7% of GDP).
Sub-sectors contributing to GDP included crops (19.4%), trade and repair of vehicles and household goods (18.3%), mining and quarrying (12.9%), manufacturing (12.1%), and transport and storage (6.0%). The government anticipates the economy to exceed GHS 1 trillion in 2024.
According to the latest data from the Ghana Statistical Service, the cumulative economic growth in 2023 was 2.9%, a decrease of 0.9 percentage points from 2022’s 3.8% but surpassing the government’s revised target of 1.5%.
The fourth quarter experienced the highest expansion at 3.8% among the four quarters of 2023. Annual growth was mainly driven by the service sector, which grew by 5.5%, while the industry sector contracted.
Over the last decade, four out of 22 sub-sectors, including crops, trade and repair of vehicles and household goods, mining, quarrying, and manufacturing, have consistently contributed over 50% to Ghana’s GDP, with the latter two accounting for more than 60% recently.
Gross National Income per capita in local currency has doubled since 2018, rising from GH¢ 9,813 to GH¢ 25,349. However, from a dollar perspective, income per capita has remained relatively stable over the past six years, fluctuating between US$ 2,126 and US$ 2,453.
