The economy of Ghana grew 3.3% year-on-year in the fourth quarter of 2020, following an upwardly revised 3.2% contraction in the previous period, as some activities picked up following some easing of COVID-19 restrictions. Agriculture activity expanded significantly (8.2% percent vs 4.9% percent in Q3), mainly driven by output increases in crops & cocoa (10.6% vs 5.2%). In addition, services rebounded from two consecutive quarters of contraction (4.6% vs -3.3%), boosted by trade; repair of vehicles, household goods (5.5% vs -11.4%) and in real estate (43.5% vs -6.6%). At last, output in the industrial sector declined at a much softer pace (-0.4% vs -7.2%), a trend also recorded in mining (-10.9% vs -12.4%), and in oil & gas (-9.8% vs -10.8%). Considering full 2020, Ghana’s economy grew 0.4%, steamed by a last quarter recovery, but considerably below the5.8% in the previous year. source: Ghana Statistical Service

GDP Annual Growth Rate in Ghana averaged 6.26 percent from 2000 until 2020, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -5.90 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 May of 2021.

GDP Annual Growth Rate in Ghana is expected to be 3.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Ghana to stand at 5.10 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 6.00 percent in 2022 and 5.00 percent in 2023, according to our econometric models.

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Ghana GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.30 -3.20 25.00 -5.90 2000 - 2020 percent Quarterly
Constant Prices 2013, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-06-17 11:00 AM Q1 4.9% 7.9% 1.2%
2020-09-16 11:00 AM Q2 -3.2% 4.9% -4%
2020-12-16 09:25 AM Q3 -1.1% -3.2% 7%
2021-04-21 11:30 AM Q4 3.3% -3.2% -0.7%
2021-06-17 11:00 AM Q1 3.3% -1.6%
2021-09-16 11:00 AM Q2 3.8%
2021-12-17 11:00 AM Q3 4%
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News Stream
Ghana GDP Rebounds in Q4
The economy of Ghana grew 3.3% year-on-year in the fourth quarter of 2020, following an upwardly revised 3.2% contraction in the previous period, as some activities picked up following some easing of COVID-19 restrictions. Agriculture activity expanded significantly (8.2% percent vs 4.9% percent in Q3), mainly driven by output increases in crops & cocoa (10.6% vs 5.2%). In addition, services rebounded from two consecutive quarters of contraction (4.6% vs -3.3%), boosted by trade; repair of vehicles, household goods (5.5% vs -11.4%) and in real estate (43.5% vs -6.6%). At last, output in the industrial sector declined at a much softer pace (-0.4% vs -7.2%), a trend also recorded in mining (-10.9% vs -12.4%), and in oil & gas (-9.8% vs -10.8%). Considering full 2020, Ghana’s economy grew 0.4%, steamed by a last quarter recovery, but considerably below the5.8% in the previous year.
2021-04-21
Ghana GDP Contracts Less in Q3
The economy of Ghana shrank 1.1% year-on-year in the third quarter of 2020, following a 3.2% contraction in the previous period, amid the ongoing pandemic crisis. The industrial sector decreased 5.1%, softer than 5.7% in Q2, as output rebounded for manufacturing (4% vs -13% in Q2). Services shrank 1.1%, after a 2.6% contraction in the previous period, amid softer declines in trade; repair of vehicles, household goods (-7.7% vs -20.2%) and hotels & restaurants (-62.1% vs -79.4%). On a brighter note, agricultural activity growth was the quickest in three years (8.3% vs 2.5%). On a quarterly basis, the GDP fell 0.3%, following a 0.8% decrease in the previous quarter.
2020-12-16
Ghana GDP Contracts for 1st Time in 4 Years
The economy of Ghana shrank 3.2% year-on-year in the second quarter of 2020, following a 4.9% growth in the previous period. It was the first economic contraction since the Q2 of 2016, due to Covid-19 and related containment measures. The country has started to gradually ease lockdown restrictions in May but many businesses across sectors remained shut. The industrial sector was the most affected (-5.7% vs 1.5% in Q1), led by manufacturing (-14.3%) and mining & quarrying (-5.6%). Services also contracted (-2.6% vs 9.5%), in particular hotels & restaurants (-79.4%); trade, repair of vehicle, household goods (-20.2%); professional, administrative & support (-11.2%) and other personal services (-9.1%). In addition, growth slowed in agriculture (2.5% vs 2.8%). On a quarterly basis, the GDP fell 0.8%, for the first time since the Q1 of 2015, after rising 1.2% in the previous quarter.
2020-09-16
Ghana Q1 GDP Growth Weakest since 2016
The economy of Ghana advanced 4.9% yoy in the Q1 of 2020, decelerating from a 7.9% growth in the previous period. That was the slowest expansion since Q2 2016, amid some impact from Covid-19 pandemic despite lockdown rules were imposed in late March. Growth slowed primarily in the industrial sector (1.5% vs 5.4% in Q4), as a sharp contraction in construction (-6.9%) offset rises in electricity supply (17.1%); water supply (10.2%) and manufacturing (5%). Also, agricultural activity grew less (2.8% vs 6.8%), hampered by forestry & logging (-7.1%) and crop production (2.4%). Meanwhile, services advanced solidly overall (9.5% vs 11%), mainly boosted by information & communication (77.4%); real estate activities (16%). and public administration (13.6%). On a quarterly basis, the GDP rose 1.2%, the least since Q2 2016, slower than 1.9% in Q4. The central bank recently cut its 2020 growth forecast to between 2-2.5% from an earlier estimate of 6.8% due to the coronavirus pandemic.
2020-06-17

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.