Ghana records 5.4% economic growth in 2021… driven by services sector

Ghana’s economy in 2021 grew by 5.4 per cent in spite of the effect of the COVID-19 on the country, driven by the services sector.

Last year’s growth rate is ten times higher the 0.4 per cent growth recorded in 2020.

Without oil the economy recorded a Gross Domestic Growth (GDP) growth rate of 6.9 per cent, the Government Statistician, Professor Samuel K. Annim, said in Accra yesterday.

The Government Statistician who provided the provisional GDP figures yesterday said the size of the economy provisionally stood at GH¢459.130 billion with the  corresponding per capita GDP for 2021 was GH¢14,891.37 (US$2,565).

He said the 2021 provisional annual GDP at 2013 constant prices was estimated at GH¢175, 057.3 million.

“The year-on-year quarterly GDP growth rate for the fourth quarter of 2021 was however 7.0 per cent compared to the 4.3 per cent recorded for fourth quarter 2020, and the year-on-year quarterly GDP (non-oil) growth rate for fourth quarter was 7.6 per cent compared to the 5.7 per cent recorded in fourth quarter 2020,” Prof. Annim, said.

The Government Statistician said the 2021 growth rate was driven by the Services sector, which recorded the highest growth rate of 9.4 per cent.

He said Information Communication and Technology which recorded a growth rate of 33.1 per cent and the Agriculture sector, such as fishing which recorded the growth rate of 13.4 per cent drove the services sector growth.

Prof. Annim said education sub-sector recorded the lowest growth rate of -3.7 per cent.

Hotels and restaurants as well as Financial and Insurance Activities grew by 4.3 per cent and 2.4 per cent respectively.   

The Agriculture sector recorded year-on-year growth rate of 8.4 per cent in 2021.

“The Fishing sub-sector recorded the highest year-on-year growth rate of 13.4 per cent, while the Forestry and Logging sub-sector recorded the lowest 4.7 per cent. Livestock and Crops recorded growth rates of 5.5 per cent and 8.9 per cent,” Prof. Annim said.

He said Industry fell by 0.8 per cent in 2021 and that was influenced by contraction in the Mining and Quarrying sub sector, which recorded a growth rate of 12.1 per cent.

Prof. Annim said the Manufacturing, Electricity and Construction grew by 7.8 per cent, 7.4 per cent and 5.7 per cent respectively.

He said Water and Sewerage sub-sector recorded the highest year-on-year annual GDP growth rate of 13.3 per cent for 2021.


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