Value of Ghana’s economy increased to GH₵841bn in 2023
In a significant economic milestone, Ghana’s economy had increased in 2023, with its value soaring to GH₵841.6 billion, up from GH₵614.3 billion the previous year.
This remarkable GH₵227 billion surge underscores Ghana’s economic resilience and potential for future growth.
A deeper dive into the data reveals the sectors fueling this impressive expansion, highlighting the evolving landscape of the Ghanaian economy.
The services sector emerged as the powerhouse of the economy, contributing GH₵357.34 billion, or 45.6% of the Gross Domestic Product (GDP). This sector’s performance is a testament to its pivotal role in driving economic activity and providing a wide range of job opportunities.
Following closely behind, the industry sector added GH₵247.941 billion, accounting for 31.7% of GDP, with agriculture also making a significant contribution of GH₵177.606 billion or 22.7%.
These sectors together form the backbone of the Ghanaian economy, each playing a crucial role in its overall health and growth trajectory.
The breakdown by sub-sectors reveals that crops led with a 19.4% share of GDP, followed by trade and repair of vehicles and household goods at 18.3%, mining and quarrying at 12.9%, manufacturing at 12.1%, and transport and storage at 6.0%.
This distribution highlights the diverse economic activities contributing to Ghana’s GDP and underscores the importance of balanced growth across different sectors.
Looking ahead, the government anticipates the economy to cross the GH₵1 trillion mark in 2024, a prospect that reflects confidence in Ghana’s economic policies and its trajectory of growth.
ALSO READ: South African Billionaire, Markus Jooste, Commits Suicide
Despite a slight dip in growth to 2.9% in 2023 from 3.8% in 2022, this performance still exceeded the government’s revised target of 1.5% for the year, showcasing the economy’s resilience amid global and local challenges.
The service sector’s robust annual growth rate of 5.5% was a highlight of the year, even as the industry sector faced contraction.
It’s noteworthy that four out of the 22 sub-sectors, including crops, trade, repair of vehicles and household goods, mining, quarrying, and manufacturing, now account for more than 50% of Ghana’s GDP.
This increasing share, particularly in mining, quarrying, and manufacturing, indicates a gradual shift towards a more diversified economic base.
On the income front, Ghana’s Gross National Income per capita saw a significant increase from GH₵9,813 in 2018 to GH₵25,349 in 2023.
However, viewed from a dollar perspective, the income per head has remained relatively stable over the last six years, highlighting the challenges of currency fluctuations and inflation.
Nonetheless, the overall growth of Ghana’s economy in 2023 marks a milestone in its development journey, offering optimism for continued progress and prosperity.
Share Our Post on the Topic ‘ Value of Ghana’s economy increased to GH₵841bn in 2023’.
To Read More Stories, Click Here.