Ghana Economy Rises by 5.4% in 2021

Despite the impacts of the COVID-19 pandemic, Ghana economy grew by 5.4% in 2021, ten times higher the 0.4% growth recorded in 2020.

The economy recorded a GDP growth rate of 6.9%, with the size of the economy provisionally standing at GH¢459.130 billion. 

The year-on-year quarterly GDP growth rate for Q4 2021 was, however, 7% compared to the 4.3% recorded for fourth quarter 2020, and the year-on-year quarterly GDP (non-oil) growth rate for fourth quarter was 7.6% compared to the 5.7% recorded in Q4 2020.

Ghana’s 2021 growth rate was mainly driven by the services sector, which recorded the highest growth rate of 9.4%.

Other sectors performed as follows:

• Information Communication and Technology recorded a growth rate of 33.1%
• Agriculture sector, such as fishing, recorded the growth rate of 13.4%
• Education sub-sector recorded the lowest growth rate of -3.7%
• Hotels & restaurants grew by 4.3%
• Financial and Insurance Activities grew by 2.4%

In 2021, the Agriculture sector recorded year-on-year growth rate of 8.4%, while the Fishing sub-sector recorded the highest year-on-year growth rate of 13.4%. The Forestry and Logging sub-sector recorded the lowest growth at 4.7%, while Livestock and Crops sectors grew by of 5.5% and 8.9%, respectively.

Industry fell by 0.8% in 2021, attributed to decline in the Mining & Quarrying sub sector, which grew by 12.1%. Manufacturing, Electricity and Construction recorded growths of 7.8%, 7.4%, and 5.7%, respectively.

Water and Sewerage sub-sector recorded the highest year-on-year annual GDP growth rate of 13.3% for 2021.

See Also:

Ghana Inflation Rate hits 13-Yr High of 19.4%