Business & EconomyHome Featured

Ghana’s economy expands 5.4 percent in 2021

GHANA’S economy showed signs of recovery from the impact of Covid-19, with Gross Domestic Product (GDP) recording a growth of 5.4 percent year on year in 2021, compared with the revised growth rate of 0.5 percent in 2020, the Ghana Statistical Service said Wednesday.

Samuel Kobina Annim, the Government Statistician, said the higher growth rate in 2021 was due to the strong growths of 6.4 percent in the third quarter (Q3) and 7 percent in Q4.

‘The services sector recorded the highest growth rate in 2021 with a year-on-year GDP growth rate of 9.4 percent, as the information and communication technology sub-sector recorded the highest year-on-year growth rate of 33.1 percent for that sector,’ Annim disclosed.

Ghana’s agriculture sector posted an annual GDP growth rate of 8.4 percent, yet the industries sector contracted, posting a year-on-year growth rate of -0.8 percent.

‘Whatever impact the pandemic had on the economy in 2020 affected the denominator we used to calculate the 2021 economic growth figures. So as we saw a clear sign of recovery in 2021, we also witnessed a base-drift effect in the figures we arrived at,’ added the government statistician.



Related Articles

Leave a Reply

Your email address will not be published.

Back to top button