Ghana's economy grows by 3.1% in Q4 2022

Ghana's economy grew by 3.1 percent in the fourth quarter of 2022 (October to December) compared to the same period in 2021, according to recent figures released by the Ghana Statistical Service.

This growth however beat the forecast set by the government of Ghana.

Government Statistician, Professor Kobina Annim presenting highlights of the Provisional 2022 Fourth Quarter and Annual GDP Estimates said when seasonally adjusted, Ghana's real GDP increased by 0.8 percent in the fourth quarter of 2022 representing 0.3 percentage points higher than what was recorded in the third quarter of 2022 (July to September).

The key sub-sectors that contributed to the economic growth were; Mining & Quarrying; Information & Communication; Public Administration; Defense & Social Security; Crops and Education.

Providing further details of the figures, Prof Annim said the main sub-sectors with more than 10 percentage expansion in the fourth quarter of 2022 were; Information & Communication (20.5%); Public Administration, Defense & Social Security (15.7%); Mining & Quarrying (13.4%); Education (12.3%); Health & Social Work (10.5%).

Despite the economic expansion, the GSS noted some seven sub-sectors of the Ghanaian economy recorded contractions in the fourth quarter of 2022.

They include; Water Supply, Sewerage, Waste Management & Remediation Activities recording (-13.4%); Real Estate (-13.4%); Electricity (-12.8%); Manufacturing (-9.6%); Professional, Administrative & Support Service activities (-7.7%); Construction (-7.1%) and Fishing (-1.5%).

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