Manufacturing, cocoa production drive Ghana’s 4.8% GDP for Q2 2022
Recorded GDP growth rate for the second quarter of 2022, is pegged at 4.8% by the Ghana Statistical Service [GSS].
According to the GSS, compared to growth in the previous quarter [1.1%], the posted 4.8% GDP growth marks a quarter-on-quarter growth of +3.7%.
Main drivers of growth, the GSS noted, were manufacturing and cocoa production.
The growth rate was driven by Manufacturing (8.8%), Crops and Cocoa (4.5%), Mining and Quarrying (4.4%), Information and Communication (12.4%) as well as the Education (13.2%) sub-sectors.
For the sectors, the Services sector (5.2%) expanded more than the national average. It was followed by Agriculture (4.6%) and Services (4.4%).
Nine sub–sectors within the Services sector recorded growth rates.
However, two contracted. They were Real Estate (-5.7%) and Professional Administrative and Support (-11.0%).
Similarly, three sub-sectors within the Agriculture sector expanded during the period. They were Fishing (7.8%), Livestock (5.8%) and Crops and cocoa (4.5%).
Forestry and Logging however contracted with a growth rate of -0.2%.
Also, Manufacturing (8.8%), Mining and Quarrying (4.4%) and Construction (0.4%) sub-sectors expanded.
However, Electricity (-2.2%) and Water Supply, Sewerage, Waste Management and Remedial Activities (-2.7%) contracted.
The Services sector continued to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 45.8% of GDP. The GDP share of Industry and Agriculture were 32.1% and 22.1% respectively.
The Gross Domestic Product (GDP) estimate at current prices for the Q2 2022 was estimated at GHS 13.26 billion.
This is compared with GHS 102.32 billion during the same period in 2021.
The pick-up in growth momentum will likely improve the country’s chances of reaching its expenditure and revenue targets.
Ghana’s economic growth may be lackluster in the second half of the year due to weak private consumption, Mark Bohlund, a senior credit research analyst at REDD Intelligence said ahead of the GDP Q2 2022 release.
The country’s business conditions deteriorated for a seventh month and are at their worst level since the height of the pandemic as price pressures continued to weigh on demand.
