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Ghana News

Ghana’s 2022 GDP growth rate lower than government’s forecast

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Ghana’s GDP growth rate for 2022 was 3.1%, lower than the 3.7% forecast by the government and below the 5.1% recorded in 2021. According to the Government Statistician, Samuel Kobina Annim, the non-oil GDP growth rate for 2022 recorded 3.8%. The sectoral shares of 2022 GDP showed that the service industry was the highest contributor, accounting for 44.9% of the total GDP, while the industry was the second-largest contributor, accounting for 34.2% of the total amount. Agriculture contributed 20.9% to the GDP.

The service sector recorded a year-on-year GDP growth of 5.5% with the Information and Communication sub-sector having the highest growth rate within the sector at 19.7%. The professional, admin, and support services sub-sector recorded the lowest with a contraction of 10.9%. The annual GDP growth rate for the industry sector was 0.9% for 2022, with the mining and quarrying sub-sector recording the highest year-on-year annual GDP growth rate of 8.1%.

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The year-on-year GDP growth rate for Agriculture was 2.2 in the year 2022, with the fishing sub-sector having the highest growth of 8.8%, while the forestry logging sector recorded the lowest with 1.7%. The value of goods and services produced between the third and fourth quarters of 2022 grew by 0.8%.

The findings revealed that the non-gold GDP stood at 2.1%, which is GH¢ 168,122.8 million compared to the 7.1% which stood at GH¢ 162,975.0 million recorded the previous year. The provisional 2022 fourth quarter and annual Gross Domestic Product (GDP) estimates were announced by the Government Statistician, Samuel Kobina Annim.

These findings are critical in understanding the performance of the economy and provide the necessary information for stakeholders to make informed decisions. It is essential for policymakers and investors to take note of these statistics to create policies and investment opportunities that will promote economic growth and development.

 

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