Ghana: Economy expands by 3.3% in first quarter of 2022
Ghana’s economy for the first quarter of this year grew by 330 basis points [3.3%].
In the same period of 2021, the growth rate was 3.6%
The recorded first quarter GDP growth according to new data released by the Ghana Statistical Service [GSS] was occasioned by some marginal expansion in the Services and Agriculture sectors.
Announcing the country’s Q1 2022 GDP growth, Government Statistician, Professor Samuel Kobina Anim, averred the Agriculture sector led the growth rate, expanding by 5.6%, followed by Services sector with a growth rate of 3.7% whereas the Industry sector grew by 1.3%.
According to him, the recorded 3.3% growth rate for Q1 2022 is the lowest growth rate recorded post COVID-19.
GDP growth rate without oil and gas (non-oil GDP) for first quarter of 2022 is 3.7% which compares to the same period in 2021 with a growth rate of 5.3%.
The GSS said, when seasonally adjusted, the real GDP increased by 0.9% in quarter one of 2022; 1.0 percentage points lower that what was recorded in quarter four of 2021.
The Information and Communication, Crops, Transport and Storage sub-sectors were the main drivers of GDP growth for the first quarter of 2022.
Main sub-sectors with more than 10 percentage expansion in quarter one of 2022 include Information and Communication (26.6%), Fishing (26.1%), Water Supply, Sewage, Waste Management and Remediation Activities (25.4%) and electricity (15.9%).
The GDP (including oil and gas) estimate at constant 2013 prices for the first quarter of 2022 was GHS 46,833.9 million compared to GHS 45, 330.2 million in the first quarter of 2021.
The non-oil GDP at constant 2013 prices for the first quarter of 2022 was GHS 44,044.3 million at constant 2013 prices for the first quarter of 2022 was GHS 44, 044.3 million compared to GHS 42, 483.2 million in the quarter of 2021.
The GDP estimate at current prices in purchaser’s value for the first quarter of 2022 was GHS 139,390.0 million compared to GHS 115, 691.6 in the first quarter of 2021.
