The Ghanaian economy recorded an annual growth rate of 3.1% in 2022, falling short of the government’s growth target of 3.7%.
However, on a quarter-on-quarter basis, the economy expanded at a faster pace of 3.7% in Q4’22 relative to the revised GDP growth rate of 3.1% in Q3’22. The drivers of growth remain largely in the services sub-sector, with the information, communication, and telecommunications sector leading the pack with a 20.5% growth rate in Q4’22 (FY’22: 19.7%). Real Estate was one of the sectors that recorded the most contraction in growth of -13.4% in Q4’22 and -3.3% in FY’22.
Despite high inflationary pressure, rising interest rates, and the eminent debt crisis, Ghana’s economy is expected to remain resilient following the restructuring of its public debt and the recent approval of the IMF’s USD 3bn Extended Credit Facility.