Even before the Ghana Statistical Service releases the third quarter and final year growth rate of the country, the Bank of Ghana estimates indicate that the economy expanded by 6.6% in the third quarter of last year.

This is higher than the 5.1% recorded in the second half of 2021, signifying that the economy grew strongly last year, perhaps higher than most forecasts, despite the existence of COVID-19 pandemic.

Excluding oil, the economy grew at a rate of 8.6% in the nine months of 2021, compared to 6.5% in the second-half of 2021.

From the figures, the half-year growth rate of the country in 2021 was stronger than the provisional figures released by the Ghana Statistical Service, which pegged the second quarter growth rate at 3.9%.

For the sectors, the services sector recorded the highest growth rate, expanding significantly by 13.4% in the 3rd quarter of 2021. It was followed by the agriculture sector, which grew by 9.2%.

Industry however contracted by 2.0%, largely from a decline in oil production and its sale.

Ghana’s economy expanded by 3.9% in quarter 2 2021

Ghana’s economy expanded by 3.9% in the second quarter of 2021, according to provisional figures from the Ghana Statistical Service.

During the same period last year where Covid-19 had emerged, the Gross Domestic Product (GDP) growth rate was -5.7%.

However, GDP growth rate without oil and gas (Non-Oil GDP) for second quarter 2021 was 5.2%, which is against a growth rate of -5.8% recorded the same period last year.

According to the figures, the increase in the Gross Domestic Product (GDP) growth rate was driven by a strong pick-up in the Services and Agriculture sectors.

The Health and Social Work (20.75%), Information and Communication Technology (20%), Hotel and Restaurants (18.7%) as well as Fishing (12.7%) Sub-sectors expanded significantly.