The economy of Ghana expanded by 3.9 percent year-on-year in the second quarter of 2021, following a 3.1 percent rise in the previous period. It was the third successive quarter of growth, as the economy gradually recovers from the pandemic crisis and a drop in oil prices that caused its first recession since at least 2007. Main positive contributions to the GDP growth came from trade, repair of vehicles, house goods; manufacturing; information & communication; health & social works and crops production. Meanwhile, the mining sector contracted. source: Ghana Statistical Service

GDP Annual Growth Rate in Ghana averaged 6.23 percent from 2000 until 2021, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -5.70 percent in the second quarter of 2020. This page provides the latest reported value for - Ghana GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ghana GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

GDP Annual Growth Rate in Ghana is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.50 percent in 2022 and 6.30 percent in 2023, according to our econometric models.

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Ghana GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-06-16 10:20 AM Q1 3.1% 3.3% 2.6%
2021-09-15 10:00 AM Q2 3.9% 3.1% 6%
2021-12-17 11:00 AM Q3 3.9% 4.5%


News Stream
Ghana GDP Growth Quickens to 3.9% in Q2
The economy of Ghana expanded by 3.9 percent year-on-year in the second quarter of 2021, following a 3.1 percent rise in the previous period. It was the third successive quarter of growth, as the economy gradually recovers from the pandemic crisis and a drop in oil prices that caused its first recession since at least 2007. Main positive contributions to the GDP growth came from trade, repair of vehicles, house goods; manufacturing; information & communication; health & social works and crops production. Meanwhile, the mining sector contracted.
2021-09-15
Ghana GDP Growth Slows in Q1
The economy of Ghana expanded by 3.1 percent year-on-year in the first quarter of 2021, following a 3.3 percent rise in the previous period. It was the second successive quarter of growth, as the economy gradually recovers from the pandemic crisis and a drop in oil prices that caused its first recession since at least 2007. Growth was mainly driven by agriculture (4.3 percent vs 8.2 percent in Q4) and services (4 percent vs 4.6 percent). At the same time, the industrial sector rebounded slightly (1.3 percent vs -0.4 percent). On a quarterly basis, the GDP increased by 0.8 percent.
2021-06-16
Ghana GDP Rebounds in Q4
The economy of Ghana grew 3.3% year-on-year in the fourth quarter of 2020, following an upwardly revised 3.2% contraction in the previous period, as some activities picked up following some easing of COVID-19 restrictions. Agriculture activity expanded significantly (8.2% percent vs 4.9% percent in Q3), mainly driven by output increases in crops & cocoa (10.6% vs 5.2%). In addition, services rebounded from two consecutive quarters of contraction (4.6% vs -3.3%), boosted by trade; repair of vehicles, household goods (5.5% vs -11.4%) and in real estate (43.5% vs -6.6%). At last, output in the industrial sector declined at a much softer pace (-0.4% vs -7.2%), a trend also recorded in mining (-10.9% vs -12.4%), and in oil & gas (-9.8% vs -10.8%). Considering full 2020, Ghana’s economy grew 0.4%, steamed by a last quarter recovery, but considerably below the5.8% in the previous year.
2021-04-21

Ghana Last Unit Reference Previous Highest Lowest
GDP Growth Rate 0.90 percent Jun/21 0.80 7.40 -2.20
GDP Annual Growth Rate 3.90 percent Jun/21 3.10 25.00 -5.70
GDP Constant Prices 42205.81 GHS Million Jun/21 41842.82 130410.40 4269.40
Gross Fixed Capital Formation 69219.66 GHS Million Dec/20 68445.98 69219.66 3562.21
GDP From Utilities 228.56 GHS Million Jun/21 195.80 273.00 146.90
GDP From Transport 2386.96 GHS Million Jun/21 2443.50 3653.00 1047.00
GDP From Services 16083.96 GHS Million Jun/21 18253.10 18253.10 8690.40
GDP From Public Administration 1448.38 GHS Million Jun/21 1486.30 1494.00 803.60
GDP From Mining 4873.71 GHS Million Jun/21 5018.50 7327.80 497.40
GDP From Manufacturing 4612.31 GHS Million Jun/21 6772.80 6772.80 1801.31
GDP From Construction 3365.57 GHS Million Jun/21 3558.70 3635.80 1016.30
GDP From Agriculture 7548.71 GHS Million Jun/21 9554.50 9602.80 5322.00


Ghana GDP Annual Growth Rate
Services is the largest sector of the Ghanaian economy, accounting for 52 percent of the GDP. Within services, the most important sub-sectors are: transport and storage (10 percent); information and communication (9.8 percent); trade, repair of vehicles and household goods (7 percent) and financial and insurance activities; education and public administration & defense and social security (4 percent each). Also, industry accounts for 26 percent of the GDP with mining and quarrying (10 percent); construction (8 percent) and manufacturing (7 percent). Agriculture accounts for 22 percent, mainly crops (17 percent). On the expenditure side, household consumption is the main component of the GDP and accounts for 81 percent of its total use, followed by gross fixed capital formation (11 percent); government expenditure (10 percent) and changes in stocks (2 percent). Exports of goods and services account for 48 percent of GDP while imports for 52 percent, subtracting 4 percent of total GDP.