Ghana’s economy expanded by 2.9% in 2023 

Latest data from the Ghana Statistical Service indicates that the cumulative growth of the economy stood at 2.9 percent in 2023.

This is a 0.9 percentage points drop from the 3.8 percent recorded in 2022 but higher than the government’s revised target of 1.5 percent for the period under review.

The fourth quarter also expanded by 3.8 percent. This was the highest for the four quarters of the year 2023.

The annual growth was largely dominated by the service sector which recorded an annual rate of 5.5 percent. The growth rate for the industry sector, however, contracted.

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