Ghana economic growth improves in Q4 but slows to 2.9% in 2023
TLDR
- Ghana's economy grows by 3.8% in Q4 2023, exceeding IMF estimate and marking a 2.9% full-year growth.
- Services and agriculture sectors drive growth, while the industry sector sees a slight contraction.
- Ghana shows signs of recovery amidst worst economic crisis, emphasizing efforts for sustainable growth.
Ghana's economy showed signs of recovery as it grew by 3.8% year-on-year in the fourth quarter of 2023, according to data released by the statistics agency on Wednesday. This brought the full-year growth for 2023 to 2.9%. The country has been grappling with its worst economic crisis in a generation, primarily attributed to spiraling public debt.
The annual growth rate of 2.9% exceeded the International Monetary Fund's (IMF) January estimate of 2.3%, although it marked a slowdown compared to the 3.8% growth recorded in 2022.
The growth was predominantly driven by the services and agriculture sectors, while the industry sector experienced a slight contraction. These figures reflect ongoing efforts to navigate economic challenges and foster sustainable growth in Ghana.
Points clés à retenir
After grappling with defaulting on much of its overseas debt in 2022, Ghana's government took significant steps to address its financial challenges. Last year, it secured a $3 billion loan program with the IMF, followed by a deal in January to restructure $5.4 billion of loans with its official creditors. Currently, it is actively pursuing negotiations with holders of approximately $13 billion in international bonds. Despite challenges in Ghana's cocoa sector, the world's second-largest, overall economic growth has not yet been significantly impacted. The cocoa output for the 2023/24 season is projected to fall nearly 40% below target due to various factors including adverse weather conditions, smuggling, and disease. Growth in the cocoa sub-sector contracted by 1.1% in the last quarter of 2023, reflecting the sector's struggles amid broader recovery efforts in the economy.
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