Ghana’s economy grows by 4.2% in the first quarter of 2023

The Ghana Statistical Service (GSS), has disclosed that the economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022.

The GSS data further revealed a positive development in the country’s real GDP, with a 1.1 per cent increase in the first quarter, surpassing the previous quarter’s record by 0.3 percentage points.

Government Statistician, Prof Samuel Kobina Annim, emphasized that the growth was primarily propelled by the services and agricultural sectors.

“In the first quarter of 2023, the growth rate was primarily driven by the services sector, which exhibited an impressive expansion of 10.1%.

This growth was predominantly influenced by the public administration sub-sector. Additionally, the agricultural sector experienced a growth rate of 4.8%,” Prof Annim explained.

He further highlighted the significance of specific sub-sectors within these industries.

“Within the services sector, public administration played a significant role, while in agriculture, the livestock sub-sector demonstrated the highest growth rate of 6.6%. It is important to note that although livestock exhibited the highest growth rate, the agricultural sector’s overall growth was also influenced by the positive performance of crops, including cocoa, which holds the largest share,” he elaborated.

Prof Annim emphasized the need to consider not only the main sectors but also the sub-sectors, such as public administration and livestock, as their contributions were instrumental in driving the overall growth rate.


Recommended for you