Ghana’s economy was ranked 73^rd in the world in terms of Gross Domestic Product (GDP) in the year 2019.

According to the World Bank, Ghana’s economy stood at about US$67 billion in size in 2019, making it the 8^th biggest economy on the African continent.

The country’s economy was also ranked 141^st in terms of GDP per capita and 143^rd most complex economy, according to the Bretton Wood institution’s Economic Complexity Index.

This calls for a more decisive and swift action to push the economy to a better position as there is huge disparity between the size of the economy and its per capita income.

Due to covid-19, the country’s total value of goods and services shrank to about US$63 billion dollars last year, though there are expectations that it will expand to US$70 billion by the end of the year.

The economy is expected to grow at a rate of 4.6% this year; and that will be driven by sub sectors such as Information and Communication, Real Estate, Crops and Livestock. 

Presently, the services sector is the biggest with an estimated size of a little above GH¢172 billion. It is followed by industry which is about GH¢140 billion in size and agriculture which is estimated at about GH¢73.8 billion.

Globally, the United States of America is the biggest economy with a size of US$21.43 trillion.

China and Japan follow in 2^nd and 3^rd with economic sizes of about US$14 and US$5 trillion dollars respectively.

Top 10 biggest economies in Africa in 2020

Country	Nominal GDP (US$)		Per Capita Income (US$)
USA	21.43 trillion		65,298
China	14.34 trillion		10,262
Japan	5.08 trillion		40,247
Germany	3.86 trillion		46,455
India	2.87trillion		2,100
United Kingdom	2.83 trillion		42,300
France	2.72 trillion		40,493
Italy	2.0 trillion		33,228
Brazil	1.84 trillion		8,718
Canada	1.74 trillion		46,195