Ghana's economy grows by 2.9% in 2023, exceeding government's revised target of 1.5%

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

According to government, in November 2022, 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 GH¢841.6 billion from GH¢614.3 billion in 2022 equivalent to some 2.9% of GDP.

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

On a sectoral 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 the 3.1%, 2.5%, and 2.2% recorded for the first three quarters of 2023.