GDP in Ghana

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Ghana - GDP

Ghana records robust growth in Q4, but expansion for 2016 as a whole still reaches multi-decade low

According to a provisional estimate from the Ghana Statistical Service, the country’s economy gained some steam in Q4, rounding off the year with a 4.1% expansion compared to the same quarter of the previous year, up from a revised 3.9% in Q3 (previously reported: +4.0% year-on-year). Despite the robust performance in the final quarter, growth over last year as a whole was the lowest in decades, coming in at 3.5%, with the all-important primary sector dragged down by lower prices for key commodity exports such cocoa and oil. In addition, the government’s precarious fiscal position, with a deficit which ballooned last year, dampened business confidence.

Q4’s uptick was broad-based, with all sectors of the economy expanding. The service sector enjoyed particularly healthy growth, expanding 6.3% (Q3: +4.5% year-on-year) on the back of a stellar performance from the information and communication sub-sector. The industry sector expanded 3.0% (Q3: +0.9% year-on-year), with the electricity sub-sector the standout performer, while agriculture grew 1.9% (Q3: +2.8% year-on-year), thanks to greater revenue from fishing and livestock.

Looking ahead, growth should pick up significantly, as further oil production comes on stream, oil prices rise somewhat and the service sector continues to perform strongly. In addition, the implementation of measures announced in the 2017 budget should help tame the yawning budget deficit and put the public finances on a more sustainable footing, leading to a more certain business environment and encouraging investment.

FocusEconomics Consensus Forecast panelists expect the economy to expand 5.9% in 2017 and 6.1% in 2018.

Ghana - GDP Data

2011  2012  2013  2014  2015  
Economic Growth (GDP, annual variation in %)14.0  9.3  7.3  4.0  3.8  

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Ghana GDP Chart


Ghana GDP
Note: GDP, annual variation in %.
Source: Ghana Statistical Services

Ghana Facts

ValueChangeDate
Exchange Rate4.36-0.04 %May 24

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