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EconomyThu, 23 Jun, 22

Ghana’s Economy Marginally Records A 3.3% Growth in First Quarter of 2022

Ghana’s Economy Marginally Records A 3.3% Growth in First Quarter of 2022

Ghana’s economic growth has begun experiencing an upward movement with a 3.3 percent increase in the real Gross Domestic Product (GDP) for the first quarter of 2022 compared to the corresponding period in 2021. 

According to the Ghana Statistical Service, the figures released are provisional real Gross Domestic Product (GDP) and are all expressed in volume terms. The estimated GDP in quarter one of 2022 has therefore seen the beginning of the rejuvenation of the Ghanaian economy.

In terms of seasonally adjusted, Ghana real GDP increased by 0.9 percent in quarter one (January to March) of 2022; signaling a 1.0 percentage points lower than what was recorded in quarter four (October to December) of 2021. 

According to the Government Statistician, Professor Samuel Kobina Annim, the Quarter on quarter Gross Domestic Product (GDP) estimates provide a short term picture of current economic developments.

He indicated that the estimates are influenced by seasonal patterns that are caused by economic behavior or recurrent exogenous factors such as weather patterns, holidays, religious events, festive seasons etc.

The provisional real quarterly gross domestic product (QGDP) growth rate including Oil and Gas, is recorded as 3.3 percent (year on year) in the first quarter of 2022. In the same period of 2021, the growth was recorded as 3.6 percent.

Meanwhile, the GDP growth rate without oil and gas (Non-Oil GDP) for the first quarter of 2022 is 3.7 percent compared with a growth rate of 5.3 percent recorded in the same period in 2021. 

With nominal values, the GDP estimate at current prices in purchaser’s value for the first quarter of 2022 was GH¢139,390.0 million compared to GH¢115,691.6 million in the first quarter of 2021. 

The Non-oil GDP (GDP without Oil and Gas) estimate at current prices for the first quarter of 2022 was GH¢131,025.2 million compared to GH¢111,105.1 million in the first quarter of 2021.

According to the Government Statisticians, there has been a slowdown in the country’s growth rate relative to the first quarter of 2021.

 

Source: Abdul-Razak Mohammed (Real Estate Times Africa)

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