Ghana’s economy grows by 3.2 percent in Second Quarter of 2023


By Rukyiatu Musah

Ghana’s economy in the second quarter of 2023 grew by 3.2 percent compared to 4.8 percent in the same quarter in 2022. This slowdown was a result of six subsectors within the Industry, Agriculture and Services sectors contracting, with construction leading with 11.7 percent.

This is followed by Wholesale and Retail Trade with 5.3 percent, Electricity by 5.1 percent ,  Forestry 4.2 percent, Water supply and waste management 3.3 percent and Manufacturing by 0.5 percent.  

Speaking at a media briefing in Accra, Government Statistician, Prof. Samuel Kobina Annim said the contraction  of the construction sector is the ”highest in five years”.

GDP figures including oil for the first quarter of 2023 were revised downward from 4.2 percent to 3.3 percent, while GDP figures excluding oil were 4.4 percent down from 5.5 percent.

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