While slightly slower than the 3.1% growth in 2022, the data from the Ghana Statistical Service underscores the nation's resilience amidst economic fluctuations.
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Ghana's 2023 economic growth hits 2.9%; Driven by resilient spending habits amidst inflation
Ghana's economy surged ahead in 2023, defying earlier projections with a robust Gross Domestic Product (GDP) growth rate of 2.9%, outstripping the Finance Ministry's revised estimate of 1.5%.
Government statistician, Prof. Samuel Kobina Annim.
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The Services sector, although experiencing a contraction of -1.2%, retained its status as the cornerstone of the economy.
Professor Samuel Kobina Annim, Government Statistician, highlighted a notable uptick in the final quarter of 2023, with a growth rate of 3.8%, primarily driven by expansion in the oil and gas subsector during a press engagement on Wednesday, March 20, 2024.
Of particular significance is the first-time upswing in Ghana's oil GDP growth in over a year, signaling positive momentum in the energy sector.
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In a related development a survey by Maverick Research indicated a shift in consumer spending patterns.
The study unveiled a marked emphasis on essential goods among Ghanaians, as inflationary pressures influenced purchasing habits. Analysis indicated a pivot towards staple accompaniments such as bread, fresh fruits, snacks, and canned goods, reflecting a quest for value and satiety amidst rising prices.
The insights from Maverick Research and Kasi analysts revealed the adaptive nature of Ghanaian consumers, who strategically navigate economic challenges by prioritizing essential purchases and seeking cost-effective alternatives.
This shift in spending behaviour not only sustains consumption levels but also highlights the resilience ingrained within Ghana's consumer base.
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