An economist Dr Theo Acheampong has asked whether the the 2.9 % expansion in Ghana’s economy is a further sign of relative macro-stabilisation.
On Wednesday, March 20, the Government Statistician, Professor Samuel Kobina Annim announced that Ghana’s economy grew by 2.9% in 2023, from the 3.8% recorded in 2022.
The Services sector contracted by -1.2%, he added.
Commenting on this development, an economist Dr Theo Acheampong said on his X platform “Further signs of relative macro-stabilisation? — Ghana’s economy expanded at its fastest pace in more than a year after the industry sector exited four straight quarters of contraction.
“Gross domestic product grew 3.8% in the three months through December from a year earlier, compared with a revised 2.2% in the prior quarter. That was the fastest pace of growth since the second quarter of 2022,” he said.
The 10.9% and 9.9% contraction of the Electricity and Construction subsectors in 2023 caused the decline in the GDP of Industry. Mining and Quarrying (2.5%) was the only subsector that recorded a growth rate.
The Agriculture sector grew at a rate of 4.0% in 2023, compared with 4.5% in 2022.
Except Forestry and Logging which contracted by 5.0%, all the subsectors expanded. The Livestock subsector recorded the biggest GDP of 4.9%.
The Services sector also grew at a rate of 5.5% in 2023.
All the 12 subsectors expanded last year. The Trade, Repair of Vehicles, Household Goods (0.3%) recorded the lowest growth rate whilst Information and Communication (18.0%) registered the highest growth rate.