Ghana’s Economy Shows Resilience with Impressive Growth in 2023

In the latest economic update from Ghana, the nation’s GDP for 2023 surged to GHS 841.6 billion, marking a substantial increase of GHS 227 billion from the previous year’s figures. This significant growth was primarily propelled by the services sector, which contributed a whopping GHS 357.34 billion, constituting 45.6% of the Gross Domestic Product (GDP). Following closely was the industry sector, contributing GHS 247.941 billion (31.7% of GDP), while agriculture accounted for GHS 177.606 billion (22.7% of GDP).

Breaking down the sectors further, key contributors included crops, trade, repair of vehicles and household goods, mining and quarrying, manufacturing, and transport and storage. These sectors collectively showcased the diverse economic activities driving Ghana’s growth trajectory.

Looking ahead, government projections indicate optimism as they anticipate Ghana’s economy to surpass the GHS 1 trillion mark in 2024. Despite a slight dip in the cumulative growth rate to 2.9% in 2023 compared to the previous year’s 3.8%, the figure still exceeded the government’s revised target of 1.5%. Notably, the final quarter of 2023 witnessed the highest expansion at 3.8%, signaling positive momentum moving forward.


The service sector emerged as the primary driver of annual growth, boasting a commendable 5.5% growth rate. However, the industry sector experienced contraction during the same period.

Over the years, certain sub-sectors have consistently played pivotal roles, with crops, trade, repair of vehicles and household goods, mining, quarrying, and manufacturing collectively accounting for over 50% of Ghana’s GDP. This trend underscores the enduring significance of these sectors in propelling economic development in the nation.


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Despite the impressive growth in Gross National Income per capita from a local currency perspective, doubling since 2018 to reach GH¢ 25,349, the dollar value has remained relatively stable over the past six years, ranging between US$ 2,126 to US$ 2,453. This emphasizes the importance of considering both local and international perspectives when evaluating economic performance and living standards.

In conclusion, Ghana’s economy has demonstrated resilience and promising growth prospects, driven by a diverse array of economic activities across various sectors. With strategic planning and continued investment, Ghana is well-positioned to achieve sustained economic development and enhance living standards for its populace. Stay tuned for further updates on Ghana’s economic journey.