Ghana records 0.4% economic growth in 2020

Provisional figures from the Ghana Statistical Service has revealed that Ghana's economy grew by 0.4% in 2020.

This growth rate is slightly higher than the ones that various institutions predicted.

Without oil, the economy however grew at a rate of 1.3%.

According to the figures, the agriculture, Services sector recorded a growth rate of 7.4% and 1.5% respectively.

The industry sector, however, recorded -3.6%.

For the Agriculture sector, the Fishing sub-sector recorded the highest year-on-year growth rate of 14.4 % while the Forestry and Logging sub-sector recorded the lowest with a contraction of -9.2%.

The Information & Communication sub-sector recorded the highest year-on-year GDP growth rate of 22.5% in the Services sector, while the Hotel & Restaurants Activities sub-sector recorded the lowest with a contraction of 34.8%.

With regard to Industry, the Electricity sub-sector recorded the highest year-on-year annual GDP growth rate of 7.9% for 2020, while the Mining & Quarrying sub-sector recorded the lowest with a contraction of 11.0%.

For the size of the economy, the services sector controlled 44.6% of the economy, whilst industry and agriculture constituted 36.3% and 19.1% respectively.

The size of the economy was also estimated at GH¢404.87 billion.

Although most countries did not record impressive growth due to the negative impacts of coronavirus, Ghana did quite well.