The economy of Ghana advanced by 3.3% from a year earlier in the first quarter of 2022, slowing from a 7% expansion in the previous period. It marks the weakest pace of growth since the last quarter of 2020, as activity slowed markedly in the industrial sector (1.8% vs 4.8% in Q4) due to a decline in the production of oil and gas. Slower growth was also recorded in services (3.7% vs 8.1%) and agriculture (5.6% vs 8.2%). The nation is currently battling a set of challenges including runaway inflation, a depreciating local currency and high public debt. source: Ghana Statistical Service

GDP Annual Growth Rate in Ghana averaged 6.18 percent from 2000 until 2022, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -5.70 percent in the second quarter of 2020. This page provides the latest reported value for - Ghana GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ghana GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.

GDP Annual Growth Rate in Ghana is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.20 percent in 2023 and 5.00 percent in 2024, according to our econometric models.

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Ghana GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-20 10:10 AM Q4 7% 6.5% 5.8%
2022-06-22 10:20 AM Q1 3.3% 7% 4.3%
2022-09-15 11:00 AM Q2 3.3%


Related Last Previous Unit Reference
GDP Growth Rate 0.90 1.80 percent Mar 2022
GDP Annual Growth Rate 3.30 7.00 percent Mar 2022
GDP Constant Prices 44140.30 43764.34 GHS Million Mar 2022
Gross Fixed Capital Formation 77350.76 69219.66 GHS Million Dec 2021
GDP From Services 18919.10 18865.88 GHS Million Mar 2022
GDP From Agriculture 10315.20 10489.70 GHS Million Mar 2022
GDP From Utilities 235.32 253.59 GHS Million Dec 2021
GDP From Transport 2469.20 2569.65 GHS Million Dec 2021
GDP From Public Administration 1733.28 2002.49 GHS Million Dec 2021
GDP From Mining 5924.94 5231.40 GHS Million Dec 2021
GDP From Manufacturing 5310.70 5125.09 GHS Million Dec 2021
GDP From Construction 3298.33 3492.41 GHS Million Dec 2021

Ghana GDP Annual Growth Rate
Services is the largest sector of the Ghanaian economy, accounting for 52 percent of the GDP. Within services, the most important sub-sectors are: transport and storage (10 percent); information and communication (9.8 percent); trade, repair of vehicles and household goods (7 percent) and financial and insurance activities; education and public administration & defense and social security (4 percent each). Also, industry accounts for 26 percent of the GDP with mining and quarrying (10 percent); construction (8 percent) and manufacturing (7 percent). Agriculture accounts for 22 percent, mainly crops (17 percent). On the expenditure side, household consumption is the main component of the GDP and accounts for 81 percent of its total use, followed by gross fixed capital formation (11 percent); government expenditure (10 percent) and changes in stocks (2 percent). Exports of goods and services account for 48 percent of GDP while imports for 52 percent, subtracting 4 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
3.30 7.00 25.00 -5.70 2000 - 2022 percent Quarterly
Constant Prices 2013, NSA

News Stream
Ghana GDP Growth Weakest in Over a Year
The economy of Ghana advanced by 3.3% from a year earlier in the first quarter of 2022, slowing from a 7% expansion in the previous period. It marks the weakest pace of growth since the last quarter of 2020, as activity slowed markedly in the industrial sector (1.3% vs 4.8% in Q4) due to a decline in the production of oil and gas. Slower growth was also recorded in services (3.7% vs 8.1%) and agriculture (5.6% vs 8.2%). The nation is currently battling a set of challenges including runaway inflation, a depreciating local currency and high public debt.
2022-06-22
Ghana Economy Gains Steam in Q4
The gross domestic product of Ghana advanced by 7% from a year ago in the fourth quarter of 2021, following a downwardly revised 6.5% rise in the previous three-month period. It was the fastest pace of growth since the first quarter of 2020, mainly boosted by agriculture (8.2% vs 7.6% in Q3) and services (8.1% vs 13.6%). At the same time, the manufacturing sector rebounded (4.8% vs -1.6%). On a quarterly basis, the GDP grew 1.8%, after a downwardly revised 1.5% rise in the previous quarter. Considering the full year of 2021, the GDP expanded by 5.4%, the most in two years, beating forecasts by the government (4.4%) and the International Monetary Fund (4.2%).
2022-04-20
Ghana GDP Growth Quickens in Q3
The economy of Ghana advanced by 6.6% year-on-year in the third quarter of 2021, following an upwardly revised 5.1% rise in the previous three-month period. It was the fourth consecutive quarter of growth and at the fastest pace since the onset of the pandemic crisis in the first quarter of 2020. The services sector expanded 13.4%, led by education (24.2%) as schools reopened in January after a 10-month closure. The agricultural sector grew 9.2%, led by fishing, which surged 14.3%. On a quarterly basis, the GDP expanded 1.6%.
2021-12-22