A boat on the beach in Ghana

Ghana GDP

Ghana GDP

Economic Growth in Ghana

Ghana's economy recorded an average growth rate of 4.5% in the decade leading to 2022, above the 3.0% average for Sub-Saharan Africa. In 2022, real GDP growth was 3.1%. For more GDP information, visit our dedicated page.

Ghana GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Ghana from 2020 to 2018.
Source: Ghana Statistical Service.

Ghana GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 6.2 6.5 0.5 5.1 3.8
GDP (USD bn) 65.8 66.6 68.3 78.0 68.0
GDP (GHS bn) 309 357 392 462 614
Economic Growth (Nominal GDP, ann. var. %) 17.4 15.5 9.9 17.8 33.1

GDP growth gathers pace in Q4 and hits one-year high

GDP growth gathered pace in the fourth quarter of 2023 and hit a one-year high of 3.8% year on year, up from 2.2% in the third quarter. Consequently, the economy grew 2.9% overall in 2023, slowing from 2022’s 3.8% rise, but above the IMF’s estimate of a 2.3% increase.

Domestically, the acceleration chiefly reflected stronger private consumption growth, which came in at 9.9% annually (Q3: +9.1% yoy), the highest since Q1 2022. Moreover, government spending rebounded and posted a 2.8% year-on-year increase from Q3’s 6.2% decline. Meanwhile, fixed investment fell at a slower pace of 10.5%, improving from the prior quarter’s 16.3% plunge. On the external front, exports of goods and services returned to growth in Q4 and rose 6.0% year on year (Q3: -4.8% yoy), hitting a four-year high growth rate. Meanwhile, imports of goods and services also rebounded, tallying a four-year high increase of 15.1% in Q4, up from the prior period’s 5.5% contraction. From a production point of view, the acceleration in GDP growth was driven by broad-based improvements: Growth in the services and agricultural sectors accelerated, and the industrial sector returned to growth in Q4.

Our Consensus is for momentum to carry over into 2024, with GDP growth accelerating from last year. The improvement will be due to stronger government spending growth ahead of the 7 December general election, and a rebound in fixed investment as the deal with the IMF anchors investor sentiment. A downside risk is adverse weather leading to lower-than-anticipated cocoa production.

Analysts at the EIU added further insight regarding the 2024 external sector outlook: “Import demand will continue to contract, reflecting subdued private consumption. The recommissioning and expansion of the Bibiani gold mine in western Ghana, […] will boost export earnings.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian GDP projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Ghanaian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian GDP projections.

Want to get access to the full dataset of Ghanaian GDP forecasts? Send an email to info@focus-economics.com.

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