Ghana’s economy grew at the slowest pace in two years in the third quarter of 2021, data from the Ghana Statistical Service (GSS) has revealed.

According to the GSS, the country’s economy expanded at 2.9% in the third quarter of 2022.

This is lower than the 4.7% Gross Domestic Product (GDP) recorded in the second quarter of 2022.

The slow growth in industry (0.9%) impacted heavily on the overall growth rate.

Agriculture however recorded the highest GDP of 4.6%, whilst the services sector registered a growth rate of 3.9%.

Nine sub-sectors contracted in quarter three of 2022.

These are Professional, Administrative & Support Service activities (-12.1%), Other Personal Service Activities (-8.6%), Manufacturing (-7.4%), Construction (-7.0%), Real Estate (-6.6%), Hotels & Restaurants (-6.4%), Trade (-2.4%), Electricity (-3.9%) and Water (-3.0%).

For the Agriculture sector, all the sub-sectors expanded in growth. They were Fishing (10.0%), Livestock (5.8%), Forestry & Logging (4.7%) as well as Crops and cocoa (4.0%).

Mining & Quarrying (14.9%) was the only sub sector in Industry that recorded a growth rate.

GDP sectoral shares
The Services sector continue to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 44.4% of GDP at basic prices.

The GDP share of Industry and Agriculture were 33.6% and 22% respectively.

Size of economic growth

Meanwhile, the GDP estimate at current prices in purchaser’s value for the 3rd quarter of 2022 was ¢149.87 billion compared to ¢112.48 billion in the 3rd quarter of 2021.