Ghana’s economy was ranked 73rd in the world in terms of Gross Domestic Product (GDP) in the year 2019.
According to the World Bank, Ghana’s economy stood at about US$67 billion in size in 2019, making it the 8th biggest economy on the African continent.
The country’s economy was also ranked 141st in terms of GDP per capita and 143rd most complex economy, according to the Bretton Wood institution’s Economic Complexity Index.
This calls for a more decisive and swift action to push the economy to a better position as there is huge disparity between the size of the economy and its per capita income.
Due to covid-19, the country’s total value of goods and services shrank to about US$63 billion dollars last year, though there are expectations that it will expand to US$70 billion by the end of the year.
The economy is expected to grow at a rate of 4.6% this year; and that will be driven by sub sectors such as Information and Communication, Real Estate, Crops and Livestock.
Presently, the services sector is the biggest with an estimated size of a little above GH¢172 billion. It is followed by industry which is about GH¢140 billion in size and agriculture which is estimated at about GH¢73.8 billion.
Globally, the United States of America is the biggest economy with a size of US$21.43 trillion.
China and Japan follow in 2nd and 3rd with economic sizes of about US$14 and US$5 trillion dollars respectively.
Top 10 biggest economies in Africa in 2020
Country | Nominal GDP (US$) | Per Capita Income (US$) | |
USA | 21.43 trillion | 65,298 | |
China | 14.34 trillion | 10,262 | |
Japan | 5.08 trillion | 40,247 | |
Germany | 3.86 trillion | 46,455 | |
India | 2.87trillion | 2,100 | |
United Kingdom | 2.83 trillion | 42,300 | |
France | 2.72 trillion | 40,493 | |
Italy | 2.0 trillion | 33,228 | |
Brazil | 1.84 trillion | 8,718 | |
Canada | 1.74 trillion | 46,195 |
Latest Stories
-
GBC accuses Deputy Information Minister Sylvester Tetteh of demolishing its bungalow illegally
10 mins -
Boost for education as government commissions 80 projects
22 mins -
NAPO commissions library to honour Atta-Mills’ memory
33 mins -
OmniBSIC Bank champions health and wellness with thriving community walk
34 mins -
Kora Wearables unveils Neo: The Ultimate Smartwatch for Ghana’s tech-savvy and health-conscious users
38 mins -
NDC supports Dampare’s ‘no guns at polling stations’ directive
41 mins -
Police officer interdicted after video of assault goes viral
59 mins -
KNUST’s Prof. Reginald Annan named first African recipient of World Cancer Research Fund
60 mins -
George Twum-Barimah-Adu pledges inclusive cabinet with Minority and Majority leaders
2 hours -
Labourer jailed 5 years for inflicting cutlass wounds on businessman
2 hours -
Parliament urged to fast-track passage of Road Traffic Amendment Bill
2 hours -
Mr Daniel Kofi Asante aka Electrician
2 hours -
Minerals Commission, Solidaridad unveils forum to tackle child labour in mining sector
2 hours -
Election 2024: Engagement with security services productive – NDC
2 hours -
Retain NPP for the good of Ghana – Rebecca Akufo-Addo
2 hours