Ghana’s GDP increased by 3.1% year on year in 2022, compared to 5.1% the previous year, according to the country’s statistics department on Wednesday.
The West African country’s GDP increased by 3.7% year on year in the fourth quarter, compared to 2.9% the previous quarter – its poorest performance since the beginning of 2021.
Services, particularly in the technology and communication sub-sector, drove growth in both the fourth quarter and throughout 2022.
This was followed by industry, with mining and quarrying, and agriculture seeing the biggest increase.
Ghana, which produces gold, oil, and cocoa, is facing its biggest economic crisis in a generation, spurred on by currency devaluation and rising debt, along with high-interest rates.
In December, inflation hit a more than two-decade high of 54.1% but has since eased, dropping to 45% year on year in March.
Despite budget cutbacks and repeated interest rate rises by the central bank, the government has been unable to correct the situation and pay its debt.
It resorted to the International Monetary Fund (IMF) last year, which agreed to give a $3 billion loan in exchange for debt restructuring.
Ghana’s Finance Minister, Ken Ofori-Atta, said last week that the IMF’s board of directors will accept the assistance package in May.
