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.

GDP Annual Growth Rate in Ghana averaged 6.64 percent from 2000 until 2020, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -1.60 percent in the third quarter of 2015. 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 2020. source: Ghana Statistical Service

GDP Annual Growth Rate in Ghana is expected to be 1.30 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 2.40 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.40 percent in 2021 and 6.00 percent in 2022, according to our econometric models.

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Ghana GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.90 7.90 25.00 -1.60 2000 - 2020 percent Quarterly
Constant Prices 2013, NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-09-18 11:10 AM Q2 5.7% 6.7% 7.0%
2019-12-18 10:30 AM Q3 5.6% 5.7% 7.3%
2020-04-22 03:00 PM Q4 7.9% 5.6% 6.5%
2020-06-17 11:00 AM Q1 4.9% 7.9% 1.2%
2020-09-18 11:10 AM Q2 4.9% -2.3%
2020-12-18 11:00 AM Q3 1.3%
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News Stream
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 Growth at Over 2-Year High of 7.9%
The economy of Ghana advanced 7.9% year-on-year in the fourth quarter of 2019, quickening from a 5.6% growth in the previous period. It was the strongest expansion since the third quarter of 2017, as services grew 11%, much faster than 5.7% in Q3, mainly boosted by information & communication (67.6%); real estate activities (36.5%); education (10.7%); public administration (9%); internal trade (7.4%) and professional, administrative & support activities (7.2%). At the same time, the industrial sector advanced solidly overall (5.4% vs 5.7%), driven by electricity (10.5%); manufacturing (7.9%) and mining & quarrying (7.7%). In addition, activity picked up in agriculture (6.8% vs 5.9%), amid increases in fishing (9.5%); crops (7.3%); forestry & logging (6.2%) and livestock (5.1%). On a quarterly basis, the GDP expanded 1.9%, the most in over two years, compared to 1.4% in the preceding quarter. In 2019, the economy grew 6.5% against 6.3% in 2018 and 8.1% in 2017.
2020-04-22
Ghana Q3 GDP Annual Growth at Over 1-Year Low
The economy of Ghana advanced 5.6 percent year-on-year in the third quarter of 2019, little-changed from a 5.7 percent growth in the previous period. It was the slowest expansion since the second quarter of 2018, due to a slowdown in both the services and industrial sectors.
2019-12-18
Ghana GDP Growth Slows to 1-Year Low in Q2
The economy of Ghana advanced 5.7 percent year-on-year in the second quarter of 2019, following a 6.7 percent growth in the previous period. It was the slowest expansion since the second quarter of 2018, amid sharp contraction in construction, water supply and electricity. Also, mining and financial services grew less.
2019-09-18

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.