- April 20, 2022
- Posted by: Amos Ekow Coffie
- Category: Banking and Finance
Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.
Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%
According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.
The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).
The Services sector recorded the highest GDP growth rate of 9.4% in 2021.
The Information & Communication sub-sector recorded the highest year-on-year GDP growth rate of 33.1% while the Education sub-sector recorded the lowest (-3.7%.).
Hotels and Restaurants as well as Financial and Insurance Activities grew by 4.3% and 2.4% respectively.
The Agriculture sector grew at a rate of 8.4% in 2021. The Fishing sub-sector recorded the highest year-on-year growth rate of 13.4 %, while the Forestry and Logging sub-sector recorded the lowest (4.7%). Livestock and Crops recorded growth rates of 5.5% and 8.9%.
Industry however contracted by 0.8% for 2021. This was influenced by contraction in the Mining and Quarrying sub sector (12.1%).
The Water & Sewerage sub-sector recorded the highest year-on-year annual GDP growth rate of 13.3% for 2021.
Manufacturing, Electricity and Construction expanded by 7.8%, 7.4% and 5.7% respectively.
The year-on-year quarterly GDP growth rate for the 4th quarter of 2021 was however 7.0% compared to the 4.3% recorded for Q4 2020.
The corresponding per capita GDP for 2021 was GH₵14,891.37 (US$2,565).
The size of the economy however stood at GH₵ 459.130 billion.