Recent data shows that Ghana’s economy experienced tremendous growth of 6.6% in the third quarter (Q3) of 2021, thereby outpacing Nigeria’s economy, which recorded 4.03% in Q3 2021.
Ghana’s economy recorded 3.9% in the second quarter of 2021, indicating an increase in the year’s third quarter, while Nigeria’s economy experienced a decrease from 5.01% from the second quarter of the year to 4.03% in Q3.
According to Ghana’s government statistician Samuel Kobina Annim, “That 6.6% growth rate that Ghana’s economy recorded for the third quarter of 2021 is the closest we’ve got to the pre-2020 period when COVID was just about to set in”.
He said, “This growth rate that we recorded is edging us closer to the GDP growth rate that we recorded during the pre-COVID-19 pandemic, keeping in mind that we did record a 9% growth rate in the first quarter of 2019”.
According to Ghana Statistical Service (GSS) data, the main factors that contributed to an increase in Ghana’s economic gross domestic product (GDP) were from the country’s crops, education, trade, repair of vehicles, household goods, manufacturing and information and communication sub-sectors.
The education sector rose by 24.2%, the health and social services grew by 20.5%, information and communication by 17%, professional administrative and support by 16.7%, and hotel and restaurants grew by 16.4%.
Also, public administration and defence, social security rose by 16.3%, fisheries increased by 14.3%, the real estate grew by 11.5%, and the agricultural sub-sector recorded 9.8%.
Regarding sectoral GDP growth, the service sector has the highest growth rate of 13.4% in the Q3 review, with agriculture having a growth rate of 9.2%. On the other hand, the industrial sector reduced by 2% due to the economy’s considerable contraction in the mining sub-sector.
According to World Bank data, Ghana is the eighth largest economy in Africa, with a GDP of $68.53 billion in 2020. A country’s GDP is the entire monetary or market value of goods and services produced in that economy during a given time period.