Home Headlines Ghana recorded 3.1 percent GDP growth in 2022

Ghana recorded 3.1 percent GDP growth in 2022

Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Ghana recorded a growth rate of 3.1 percent in the gross domestic product (GDP) last year, the Ghana Statistical Service announced Wednesday.

Samuel Kobina Annim, the government statistician, said during a press briefing held in Accra, the capital of Ghana, that the growth rate fell short of the targeted 3.7 percent and was mainly due to the lower growth in the agriculture and services sectors.

“The services sector recorded a growth rate of 5.5 percent in 2022 after growing 9.4 percent in 2021,” Annim disclosed, noting the agriculture sector posted an annual GDP growth rate of 4.2 percent in 2022 from 8.4 percent in the previous year.

“Mining and quarry made the highest contribution to the overall annual growth rate, with gold production expanding by 32.3 percent year on year,” said Annim.

Ghana has been long plagued by multiple economic hardships, including a high debt-to-GDP ratio, soaring inflation, and persistent currency depreciation, prompting the government to seek support from the International Monetary Fund. Enditem

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