Economy Records 3.2% Growth

Prof. Samuel Kobina Annim – Government Statistician 


The Ghana Statistical Service (GSS) provisional estimate indicates that the economy recorded a 3.2% growth rate in quarter two (April to June) of 2023.

This is compared to 3.5% recorded during the same period in 2022, and 3.3% (revised) in quarter one, 2023.

Without oil and gas, the Gross Domestic Product (GDP) growth rate for the second quarter of 2023 was 3.2%, as against 4.8% recorded in quarter two 2022.

The Services sector recorded the highest growth rate of 6.3% followed by the Agriculture sector with an expansion of 6.0%. Industry, however, contracted by 1.9%.

According to the GSS, three sub sectors expanded by more than 10%. They were Information & Communication (26.4%), Fishing (12.2%) and Health & Social Work (11.0%).

Six sub sectors contracted in quarter two of this year. These were Construction, which recorded -11.7%; Wholesale and Retail Trade; made up of repair of motor vehicles and motorcycles which also contracted by 5.3%.

The rest are Electricity, -5.1%; Forestry, -4.2%; Water Supply, Sewerage, Waste management and Remediation Activities, -3.3%, as well as Manufacturing with -0.5%.

The GDP estimate at current prices in purchaser’s value for the 2nd quarter of 2023 was ¢185.618.8 billion compared to ¢130.657.5 billion in the 2nd quarter of 2022.

A Business Desk Report

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