Ghana’s Economy Sees 3.3% Growth In 2022

Ghana’s economy has recorded slow growth in the first quarter of 2022 compared to the same period last year, according to provisional data from the Ghana Statistical Service (GSS).

The GSS said the real quarterly gross domestic product (GDP) growth rate including oil and gas, was 3.3% (year-on-year) in the first quarter of 2022. In the same period of 2021, the growth was 3.6%

GDP growth rate without oil and gas (non-oil GDP) for first quarter of 2022 is 3.7% which compares to the same period in 2021 with a growth rate of 5.3%.

The agriculture sector recorded the highest growth of 5.6%, followed by the services sector with a growth of 3.7% and the industry sector with a 1.3% growth rate.

The GSS said, when seasonally adjusted, the real GDP increased by 0.9% in quarter one of 2022; 1.0 percentage points lower than what was recorded in quarter four (October to December) of 2021.

The Information and Communication, Crops, Transport and Storage sub-sectors were the main drivers of GDP growth for the first quarter of 2022.

Main sub-sectors with more than 10 percentage expansion in quarter one of 2022 include Information and Communication (26.6%), Fishing (26.1%), Water Supply, Sewage, Waste Management and Remediation Activities (25.4%) and electricity (15.9%).

The GDP (including oil and gas) estimate at constant 2013 prices for the first quarter of 2022 was GHC46,833.9 million compared to GHC45, 330.2 million in the first quarter of 2021.

The non-oil GDP at constant 2013 prices for the first quarter of 2022 was GHC44,044.3 million at constant 2013 prices for the first quarter of 2022 was GHC44, 044.3 million compared to GHC42, 483.2 million in the quarter of 2021.

The GDP estimate at current prices in purchaser’s value for the first quarter of 2022 was GHC139,390.0 million compared to GHC115, 691.6 in the first quarter of 2021.

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