The Ghana Statistical Service has disclosed that in the fourth quarter (Q4) of 2022, Ghana’s economy grew by 3.1 % as compared to 5.1% in 2021 in the same period.
Gross Domestic Product (GDP) data indicate that non-oil GDP also declined – from 6.9 per cent in 2021 to 4.3 per cent in Q4 2022. The government had revised its growth projection down to 3.7 per cent from the 5.8 per cent initially forecasted for 2022 due to the challenging macroeconomic environment, the provisional real quarterly figures indicate.
The 2022 GDP growth was largely driven by the services sector, which contributed 44.9 per cent, followed by the industry sector at 34.2 per cent.
The agriculture sector continues to be the lowest contributor, with 20.9 per cent.
Non-oil component of the GDP for 2022 was 3.8 per cent, compared to 6.6 per cent in 2021.
While the economy experienced a slowdown in Q4 2022, some sub-sectors recorded significant growth rates. The services sector had the highest growth rate at 7.6 per cent, followed by the agriculture sector, which grew 3.6 per cent, while the industry sector contracted by 1 per cent, according to the report by GSS.
The mining and quarrying, information and communication, public administration, defence and social security, crops, and education sub-sectors were the main drivers of GDP growth in Q4 2022.
Information and communication saw an expansion of 20.5 percent; public administration, defense, and social security, 15.7 percent; mining and quarrying, 13.4 percent; and education 12.3 percent. Health and social work also grew by 10.5 percent.
On the other hand, seven sub-sectors contracted in Q4 2022.
In terms of quarter-on-quarter seasonally adjusted growth rates, the agriculture sector expanded by 1.0 percent in Q4 2022, while the industry sector contracted by 0.2 percent (quarter-on-quarter). The mining and quarrying sub-sector declined from 3.7 percent in Q3 2022 to 3.2 percent in Q4 2022.