Ghana's economy witnessed substantial growth in 2023, with the value surging to GH₵841.6 billion, marking a significant increase of GH₵227 billion from the previous year's GH₵614.3 billion.

This is according to data from the Ghana Statistical Services (GSS).

The data further explained that the surge was primarily driven by the services sector which contributed GH₵357.34 billion or 45.6% of Gross Domestic Product (GDP).

Industry followed with GH₵247.941 billion (31.7% of GDP), and agriculture at GH₵177.606 billion (22.7% of GDP).

Sub-sectors by share of GDP included crops (19.4%), trade and repair of vehicles, household goods (18.3%), mining and quarrying (12.9%), manufacturing (12.1%), and transport and storage (6.0%).

Meanwhile, government projections anticipate further economic growth, aiming for Ghana's economy to surpass the GH₵1 trillion mark in 2024.

Despite a slight dip from 2022, the economy recorded a cumulative growth rate of 2.9% in 2023, with the fourth quarter standing out at 3.8%.

This was the highest for the four quarters of the year 2023.

The annual growth was largely dominated by the service sector which recorded an annual rate of 5.5 percent.

A notable trend emerged with four sub-sectors—crops, trade and repair of vehicles, household goods; mining and quarrying; and manufacturing—contributing over 50% to Ghana's GDP, indicating sustained growth over the years.

While Gross National Income per capita from a local currency perspective doubled since 2018, reaching GH₵25,349, the dollar perspective remained relatively stable over the past six years, ranging from a high of US$2,453 to a low of US$2,126.