Ghana’s economy expands 4.8% in second quarter of 2022

The economy grew 4.8% year-on-year in the second quarter of 2022 compared with 4.2% for the same period of 2021.

3.3% GDP growth in first quarter

It accelerated from a 3.3% rise in the previous three-month period.

Main drivers

Manufacturing, crops, mining and quarrying, information and communication, and education sub-sectors were the main drivers of Gross Domestic Product (GDP) growth for the second quarter of 2022.

Main sub-sectors with more than 10 percentage expansion

The main sub-sectors with more than 10 percentage expansion in quarter two of 2022 were education, (13.2%), health (12.7%) and information and communication (12.4%).

Government Statistician, Professor Samuel Kobina Annim  said the industrial sector expanded by 4.4%, reversing a 0.5% drop in the first quarter

8.8% growth in manufacturing

Output picked up for manufacturing from 2.1% in the first quarter to 8.8% in the second quarter.

 4.4% Positive contributions from mining and quarrying

Positive contributions also came from mining and quarrying rising to 4.4% while construction recorded 0.4%.

Agricultural activity increased by 4.6%, following a 5.1% rise in the previous period, boosted by fishing which went up to 7.8% while the crops and cocoa sector recorded 4.5% growth.

1.1% seasonally adjusted quarterly GDP growth

On a seasonally adjusted quarterly basis, the GDP grew by 1.1%, after a 0.9% increase in the previous quarter.

Five sub-sectors contracted first quarter

The five sub-sectors contracted in quarter one of 2022 were professional, administrative and support service activities (-11.0 per cent), real estate (-5.7%), water (-2.7%), electricity (-2.2%) and forestry and logging (-0.2%).

Non-Oil GDP contracted to 6.2%

He said GDP growth rate without oil and gas (Non-Oil GDP) contracted in the second quarter of 2022 at 6.2% from 6.6% for the same period in 2021.

GDP including Oil & Gas

The GDP (Including Oil & Gas) estimate at constant 2013 prices for the second quarter of 2022 was GH¢41.2 billion (GH¢41,205.5 million) compared to  GH¢39.3 billion (GH¢39,304.6 million) in the second quarter of 2021.

The Non-oil GDP at constant 2013 prices for the 2ndt quarter of 2022 was GH¢38.9 billion (GH¢38,976.1 million) compared to GH¢36.6 billion (GH¢36,690.0 million) in the second quarter of 2021.

5.4% Economic growth in 2021

The economy expanded by 5.4% from a year earlier in 2021, the most in two years, beating forecasts by the government

The GDP growth is the main indicator of economic performance. There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.