Ghana’s GDP increased by 5.4 per cent in 2021, with the service sector driving the growth despite the impact of the COVID-19 on the country, the growth rate of last year was ten times larger than the 0.4% growth rate of 2020.
Professor Samuel K. Annim, the Government Statistician, claimed in Accra yesterday that the economy would have grown at a pace of 6.9% without oil.
The provisional GDP data was released yesterday by the Government Statistician, who stated that the economy’s size was GH459.130 billion, with a per capita GDP of GH14,891.37 (US$2,565) for 2021.
He predicted GH175,057.3 million as the tentative annual GDP for 2021 at 2013 constant prices.
Prof. Annim stated, “The year-on-year quarterly GDP growth rate for the fourth quarter of 2021 was 7.0 per cent, compared to 4.3 per cent in the fourth quarter of 2020, and the year-on-year quarterly GDP (non-oil) growth rate for the fourth quarter was 7.6 per cent, compared to 5.7 per cent in the fourth quarter of 2020,”
According to the Government Statistician, the Services sector, which grew at the fastest rate of 9.4per cent in 2021, was the driving force behind the growth rate.
He attributed the services sector’s rise to the information, communication, and technology sector, which grew at a pace of 33.1 per cent, and the agriculture sector, such as fishing, which grew at a rate of 13.4 per cent.
Prof. Annim said the education sub-sector recorded the lowest growth rate of -3.7 per cent.
Hotel and restaurant revenue increased by 4.3 per cent, while financial and insurance activities increased by 2.4 per cent.
In 2021, the agricultural industry grew by 8.4% year over year.
“The Fishing sub-sector had the highest year-on-year growth rate of 13.4%, while Forestry and Logging had the lowest at 4.7 per cent.” Prof. Annim added that livestock and crops grew at 5.5% and 8.9% respectively.
According to him, the industry declined by 0.8% in 2021, owing to a reduction in the Mining and Quarrying sub-sector, which grew at a rate of 12.1%. Manufacturing, Electricity, and Construction, rose by 7.8%, 7.4%, and 5.7 per cent, respectively.
He added that, the Water and Sewerage sub-sector had the highest year-on-year annual GDP growth rate of 13.3% in 2021.