This Is How Ghana’s GDP Looks As At Now

Ghana’s GDP gets back to growth in Q4, yet records most reduced growth since 2009 of every 2020 in general.

The economy bounced back in the final quarter a year ago, growing 3.3% year-on-year as indicated by national accounts data released on 21 April.

The figure differentiated the 3.2% contraction signed in the second from last quarter and denoted the first expansion since the beginning of the pandemic.

Additionally, in seasonally changed quarter-on-quarter terms, GDP rose 0.8% in Q4, swinging from the past quarter’s 0.8% withdrawal.

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The final quarter’s figure brought yearly growth for 2020 as entire to 0.4%, denoting a huge control from the 6.6% extension signed in 2019 and the most minimal reading in 11 years.

Q4’s bounce-back to growth largely reflected a softer contraction in the industrial sector (Q4: -0.4% yoy; Q3: -7.2% yoy), as well as a rebound in the services sector (Q4: +4.6% yoy; Q3: -3.3% yoy) and stronger growth in the agricultural sector (Q4: +8.2% yoy; Q3: +4.9% yoy).

The services sector likely benefited significantly from more moderate Covid-19 restrictions during the quarter, while industrial output was bolstered by the manufacturing and construction subsectors.

Looking forward, as the effect of the pandemic dies down, the economy is projected to acquire steam on the rear of recuperating homegrown and foreign demand.

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The industrial and services sectors are likely to benefit from easing restrictions and should continue to spearhead economic growth.

That said, downside risks such as a slow vaccine rollout and volatile commodity prices continue to cloud the outlook.

It is projected that GDP will grow 4.6% in 2021, which is down 0.3 rate focuses from a month ago’s figure. In 2022, specialists anticipate that GDP should become 4.9%.

Ghana – GDP Data:

Economic Growth (GDP, annual variation in %)

2015 2016 2017 2018 2019
2.2 3.4 8.1 6.3 6.5

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