Ghana’s economy saw growth in 2022, with the value of the economy increasing from GH¢461.69 billion in 2021 to GH¢610.22 billion, according to provisional estimates from the Ghana Statistical Service. This represents a 3.1% increase in GDP, which is lower than the 5.1% growth seen in 2021.
Non-oil GDP grew by 3.8% in 2022, compared to 6.6% in 2021, while non-gold GDP also grew 2.1% in 2022, compared to 7.1% in 2021. While the 3.1% growth is lower than the government’s projected growth of 3.7% in the 2023 budget, it compares favorably with some of its peers on the continent, with Nigeria, Tunisia, and South Africa recording annual GDP growths of 3.1%, 2.4%, and 2%, respectively.
Services sector dominates GDP growth
Presenting the GDP figures, the Government Statistician, Professor Samuel Kobina Annim, said the services sector continued to dominate GDP growth, contributing 44.9% of the value of the economy in 2022. This was followed by the industry sector with 34.2% and the agriculture sector with 20.9%.
Within the services sector, the information and communication sub-sector recorded the highest year-on-year GDP growth rate of 19.7%. Education, health and social work, public administration, defense and social security, financial and insurance activities, transport and storage, and trade, repair of vehicles, household goods also saw growth. However, sub-sectors such as hotels and restaurants, other personal service activities, real estate, and professional, admin and support services contracted.
Industry sector sees growth in mining and quarrying
The industry sector saw a 0.9% growth in the year under review, with the mining and quarrying sub-sector recording the highest year-on-year annual GDP growth rate of 8.1%. However, all the other sub-sectors contracted in 2022, with manufacturing seeing a contraction of 2.5%, the electricity sub-sector contracting by 3.3%, the construction sector contracting by 4%, and the water and sewerage sub-sector contracting by 4.9%.
The agriculture sector, on the other hand, saw growth in 2022, with the fishing sub-sector recording the highest year-on-year growth rate of 8.8%. The livestock sub-sector saw growth of 5.5%, crops grew by 3.8%, and forestry and logging grew by 1.7%.
Overall, while Ghana’s GDP growth in 2022 was slower than in 2021, the country’s economy saw growth in several sectors, including the services, agriculture, and mining and quarrying sectors.
