Home Headlines Ghana’s GDP growth down to 2 percent in third quarter

Ghana’s GDP growth down to 2 percent in third quarter

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Gross domestic product

Ghana’s gross domestic product (GDP) growth rate slowed to 2 percent in the third quarter of this year, the Ghana Statistical Service said Wednesday.

Samuel Kobina Annim, the government statistician, told a press conference that the rate is 1.2 percentage points lower than the 3.2 percent growth rate recorded in the second quarter.

“We are witnessing the lowest Q3 GDP growth rate since 2021,” the government statistician said, adding that the decline in the overall growth rate was due to mining and quarrying which declined 8.1 percent, and construction which declined 8.3 percent.

Ghana recorded a GDP growth of 3.3 percent in 2022. The West African country has been suffering economic woes over recent years, prompting the government to secure a loan of 3 billion U.S. dollars from the International Monetary Fund in May in the hope of reviving the economy.

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