According to provisional data released by the Ghana Statistical Services (GSS), the economic growth in Q4 2022 slowed down to 3.7 percent compared to 5.6 percent in the same period of 2021.
The non-oil GDP also declined from 6.9 percent in 2021 to 4.3 percent in Q4 2022. The government had revised its growth projection down to 3.7 percent from 5.8 percent initially forecasted for 2022 due to the challenging macroeconomic environment.
However, the report by GSS indicates that the Services sector had the highest growth rate at 7.6 percent, followed by the agriculture sector which grew 3.6 percent while the industry sector contracted by 1 percent.
The report also highlights that the challenging macroeconomic environment is the primary reason for the slowdown in Ghana’s economy in Q4 2022.
Despite these challenges, some sub-sectors within the economy continue to perform well, indicating the resilience of Ghana’s economy.
The potential IMF US$3 billion extended credit facility (ECF) program, which awaits board approval possibly in May 2023, could help Ghana’s economy recover by providing the country with the necessary funds to address some of its macroeconomic challenges.