Ghana’s economy grew at a rate of 0.4% in 2020, beating slightly most institutions and analysts’ forecasts, provisional figures from the Ghana Statistical Service has revealed.
Without oil, the economy however grew at a rate of 1.3%.
Ghana was however among few countries on the African continent that recorded positive growth rates in 2020 in a year that covid-19 impacted negatively on global economies.
There were many expectations that the economy will grow at a rate of at least 1.0% of Gross Domestic Product last year.
According to the figures, the agriculture sector dove the annual GDP with a growth rate of 7.4%.
While the Services sector recorded a positive growth rate of 1.5%, Industry recorded -3.6%.
For the Agriculture sector, the Fishing sub-sector recorded the highest year-on-year growth rate of 14.4 % while the Forestry and Logging sub-sector recorded the lowest with a contraction -9.2%.
The Information & Communication sub-sector recorded the highest year-on-year GDP growth rate of 22.5% in the Services sector, while the Hotel & Restaurants Activities sub-sector recorded the lowest with a contraction of 34.8%.
With regard to Industry, the Electricity sub-sector recorded the highest year-on-year annual GDP growth rate of 7.9% for 2020, while the Mining & Quarrying sub-sector recorded the lowest with a contraction of 11.0%.
For the size of the economy, the services sector controlled 44.6% of the economy, whilst industry and agriculture constituted 36.3% and 19.1% respectively.
The size of the economy was also estimated at GH₵404.87 billion.
Latest Stories
-
Anticipation builds as Junior Speller hosts nationwide auditions
30 mins -
Etse Sikanku: The driver’s mate conundrum
1 hour -
IMF Deputy Chief worried large chunk of Eurobonds is used to service debt
1 hour -
Otumfuo Osei Tutu II celebrates 25 years of peaceful rule on golden stool
1 hour -
We have enough funds to pay accruing benefits; we’ve never missed pension payment since 1991 – SSNIT
2 hours -
Let’s embrace shared vision and propel National Banking College – First Deputy Governor
2 hours -
Liverpool agree compensation deal with Feyenoord for Slot
3 hours -
Ejisu by-election: There’s no evidence of NPP engaging in vote-buying – Ahiagbah
3 hours -
Ejisu by-election: Independent ex-NPP MP’s campaign team warns party against dubious tactics
3 hours -
ZEN Petroleum supports Tse-Addo Future Leaders School
4 hours -
NPP must win back Adentan seat in 2024 polls – Obeng Fosu
4 hours -
PPA Clarification: The dark side of the World Bank’s ‘giveaways’ in Ghana by Bright Simons
5 hours -
Blinken says China helping fuel Russian threat to Ukraine
6 hours -
MHA declares May as Purple Month for Mental Health Awareness
6 hours -
WAEC arrests former headmaster over illegal students registration
6 hours