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
-
Sandro Tonali charged by FA for alleged betting rules breaches after joining Newcastle
1 min -
Scancom PLC holds 6th AGM, declares dividend of 17.5 pesewas per share
26 mins -
Former Deputy AG accuses Godfred Dame of unethical legal behaviour
33 mins -
John Kumah goes home on May 18
38 mins -
Tema General Hospital: If a baby died, it wasn’t because of ‘dumsor’ – GHS Accra Director
1 hour -
Afenyo-Markin fetes cast and crew of ‘the gods are not to blame’
1 hour -
‘Dumsor’ to hit parts of Accra and Tema today
1 hour -
Dolly Parton speaks out after Beyoncé reveals she’s covering ‘Jolene’
1 hour -
Energy transition threatens survival of GNPC – PIAC warns
2 hours -
ECG fails to comply with PURC directive to publish ‘Dumsor’ timetable
2 hours -
Tullow, partners affirm commitment to support coastal communities
2 hours -
Creative Addictions: Documentary on drug use among celebrities premieres on Joy News, Joy FM, Joy Prime
2 hours -
‘There is something mysteriously amiss somewhere’ – Gabby Otchere-Darko on ‘dumsor’
3 hours -
Sean ‘Diddy’ Combs: What we know about the accusations against him
3 hours -
Education giant Excel-Plus Education set to host 2024 Study Abroad Fair at Accra City Hotel
3 hours