Ghana’s informal sector valued at GH¢45.2 billion

In 2019, Ghana’s informal sector saw a 5.9 percent growth and this is the second highest following the rebasing of the economy.

The recorded growth which currently sits at 45.2 billion cedis is the highest value for the past three years.

The new figure is in relation to prices of commodities with reference to 2013 which is the base year for calculating Ghana’s economic year.

According to the Ghana Statistical Service, the value of all economic activities recorded in the informal sector which largely involves the buying and selling of various goods, for last year, reached 92.5 billion cedis.

This represents an increase of 26.5% compared to the 2018 figure of 27%. On the other hand, provisions for inflation with reference to prices of goods and services for 2013 as the base year, the value of the informal sector recorded 45.2 billion cedis; representing a growth of 5.9% after the sector recorded a drop in growth at 2.6% the previous year.

Referencing 2013 as the base year indirect taxes share of the total value of all goods and services reached 9.09 billion cedis.

This is the highest compared to the 7.96% and 8.56 billion cedis recorded in 2017 and 2018 respectively.

Comparing the growth rate for the last three years however, the highest growth was recorded in 2018 at 7.5%, followed by 6.1% in 2019 and 4.6% in 2017.