Ghana’s economy has experienced some changes in the first quarter of 2023 compared to the same period in 2022. The country’s Gross Domestic Product (GDP), which is a measure of economic growth, has increased by 4.2% in volume terms during this quarter, higher than the 3.0% growth recorded in 2022.
When compared to the previous quarter (October to December 2022), the real GDP increased by 1.1% in the first quarter of 2023, which is 0.3 percentage points higher than the growth rate in the fourth quarter of 2022.
The GDP, including the contribution of the oil and gas sector, was estimated to be GH¢48.9 billion in constant 2013 prices for the first quarter of 2023, compared to GH¢46.9 billion in the same period in 2022. The non-oil GDP, which excludes the oil and gas sector, was GH¢46.5 billion in the first quarter of 2023, compared to GH¢44.1 billion in 2022.
The growth rate of the non-oil GDP for the first quarter of 2023 is 5.5%, while it was 3.7% in the same period of 2022. This indicates an increase in economic growth without considering the contribution of the oil and gas sector.
In terms of current prices, which take into account inflation, the GDP estimate for the first quarter of 2023 was GH¢202.6 billion, compared to GH¢141.1 billion in the same period of 2022. Similarly, the non-oil GDP estimate at current prices was GH¢193.5 billion in the first quarter of 2023, compared to GH¢133.2 billion in 2022.
The Ghana Statistical Service (GSS) identified several sub-sectors that drove the GDP growth in the first quarter of 2023. These included Public Administration, Defence and Social Security, Health, Education, and Information and Communication. These sectors experienced significant expansions, with growth rates ranging from 10% to 37.6%.
However, some sub-sectors experienced contractions, such as Water Supply, Sewerage, Waste Management & Remediation Activities, Construction, Wholesale and retail trade, Repair of motor vehicles and motorcycles, Fishing, Mining and quarrying, Manufacturing, and Hotels and Restaurants.
The services sector had the highest growth rate of 10.1%, followed by the agriculture sector with a growth rate of 4.8%. On the other hand, the industry sector experienced a contraction with a growth rate of -3.2%.
The services sector remains the largest sector of Ghana’s economy, contributing 47% to the GDP at basic prices in the first quarter of 2023. The industry and agriculture sectors accounted for 32% and 21% of the GDP, respectively.
These figures provide insights into the performance and composition of Ghana’s economy, highlighting areas of growth and contraction in different sectors.