Ghana records 2nd highest GDP growth of 6.5% in 2019 after rebasing economy

Ghana’s economy grew by an estimated 6.5% for 2019.

This is the second highest figure recorded after the economy was rebased in 2017.

The country’s economy grew by 8.1% and 6.3% in 2017 and 2018 respectively.

According to the Ghana Statistical Service, the total value of all goods and services for last year also reached GH¢164.56 billion.

A further breakdown of the sectorial performances shows that the services sector recorded the highest growth of 7.6% in 2019. It was followed by the industry sector with a growth of 6.4%. The agricultural sector recorded the least growth of 4.6%.

Meanwhile, the Information and Communication subsectors under services, recorded a growth of 46.5%, with its value estimated at GH¢4.96 billion. Also, trade, repair of vehicle and household goods recorded a growth of 3.7% with an estimated value of GH¢15.44 billion.

Under the industrial sector, the mining and quarrying subsector grew by 12.6% with its value estimated at GH¢27.9 billion.

However, the construction, water and sewerage and waste management activities contracted for the year under review to record a negative growth of 4.4%.

The water and sewerage and waste management activities were valued at GH¢708 million.

The crops subsector under agric, recorded the third largest economic activity in terms of value which stood at an estimated GH¢22 billion.

But forestry and logging activities under the agricultural sector recorded a negative growth of 1.7 %; with its value estimated at GH¢2.1 billion.

With Ghana’s population estimated at 30.28 million people, the country recorded per capita income [obtained by dividing the total national income by the population] of GH¢11,541.

This is the highest in the last three years; compared to the GH¢8,863 and GH¢10,150 recorded in 2017 and 2018 respectively.