Ghana’s economy grew by 2.9% in 2023, exceeding government’s revised target of 1.5%, according to latest figures from the Ghana statistical service.

Government in November 2022 in the budget had set an initial growth target of 2.8% but revised it downward to 1.5% during the mid-year budget review.

But presenting the latest figures of the economy, government Statistician Professor Samuel Kobina Annim revealed the economy in 2023 grew in value to 841.6 billion ghc from the 614.3 billion ghc In 2022 equivalent to some 2.9% of GDP.

This figure is however a slow down in annual GDP as the country grew by 3.8% in 2022.

On a sectorial basis, although the agriculture and services sectors recorded an annual growth of 4.5% and 5.5% respectively, the industry sector saw a decline of -1.2%, reflecting a contraction in the sector.

On a quarterly basis, the economy grew by 3.8% higher than 3.1%, 2.5%, and 2.2% recorded for the first three quarters of 2023.

Source: Edem Kojo