Ken Ofori-Atta
GHANA’S ECONOMY was ranked 73rd in the world in terms of Gross Domestic Product (GDP) in the year 2019.
According to the World Bank, Ghana’s economy stood at about US$67 billion in size in 2019, making it the 8th biggest economy on the African continent.
The country’s economy was also ranked 141st in terms of GDP per capita and 143rd most complex economy, according to the Bretton Wood institution’s Economic Complexity Index.
This calls for a more decisive and swift action to push the economy to a better position as there is huge disparity between the size of the economy and its per capita income.
Due to COVID-19, the country’s total value of goods and services shrank to about US$63 billion dollars last year, though there are expectations that it will expand to US$70 billion by the end of the year.
The economy is expected to grow at a rate of 4.6% this year; and that will be driven by sub sectors such as Information and Communication, Real Estate, Crops and Livestock.
Presently, the services sector is the biggest with an estimated size of a little above GH¢172 billion. It is followed by industry which is about GH¢140 billion in size and agriculture which is estimated at about GH¢73.8 billion.
Globally, the United States of America is the biggest economy with a size of US$21.43 trillion.
China and Japan follow in second and third with economic sizes of about US$14 and US$5 trillion dollars respectively.
– Myjoyonline