Government Statistician, Professor Samuel Kobina Annim, has indicated that Ghana’s economy has grown by 5.4 percent in 2021, marking a sharp rebound from the lows of the COVID-19 pandemic while staying within growth estimates.
According to him, the agricultural sector and service sectors are reaching peaks unseen since 2013. “We’re seeing the agricultural sector and service sectors reaching peaks unseen since 2013,” he said at a press conference on Wednesday, April 20.
He further added that “We’ve seen a reverse pattern for the industrial sector, which is at one of its lowest points since 2013 when we rebased our GDP.”
A Reuters poll of three major financial institutions last year predicted that Ghana’s economy would grow 5.1% in 2021.
The Ministry of Finance had repeatedly targeted 5.5% growth for the same period, with Finance Minister, Ken Ofori-Atta, predicting 5.8% growth for 2022 in November.
The Statistics Service revised growth in the third quarter of 2021 to 6.5% from 6.6% previously, that of the second quarter to 4.2% from 3.9%, and to 3.6% from 3.1% in the first quarter. It also revised the 2020 annual growth rate to 0.5% from 0.4%.
The statistics agency also announced that producer price inflation rose to 29.3% in March, compared with 21.4% in February.
Agricultural production has been one of Ghana’s strong forces in maintaining a robust economy thus a boost in production and exports would push Ghana’s economic growth upward.
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