The size of Ghana’s economy now stands at GHS349.4 billion as of the end of 2019.

This is equivalent to US$67.2 billion.

But the size of the Ghanaian economy based on non-oil GDP stood at GHS334.6 billion (US$64.10 billion).  

According to the rebasing of the economy by the Ghana Statistical Service, the size of the economy increased by about GHS48.8 billion in 2019.

In 2018, the size of the Ghanaian economy stood at GHS300.5 billion. This is equivalent to US$65.4 billion because of the exchange rate at the time.

However, in 2016, the size of the Ghanaian economy stood at GHS215 billion, approximately US$54.8 billion.

According to the GSS’ revised estimates based on the rebased economic data, Ghana’s economy grew by 6.5% in 2019.

This is against 6.3% and 8.1% Gross Domestic Product (GDP) in 2018 and 2017, respectively.

For non-oil GDP, the economy grew by 5.8% GDP.

According to the GSS, GDP per capita income increased from GHS10,150 in 2018 to GHS11,541 in 2019.

But in dollar terms, the per capita income reduced by US$2 from US$2,214 in 2018 to US$2,212 in 2019.

From the measurement of the economy, the services sector recorded the highest growth rate of 7.6%, followed by industry, with 6.4% and agriculture, 4.6%.

Importantly, the services sector remains the largest sector of the economy.

Its share of GDP increased from 46.3% in 2018 to 47.2% in 2019.

In the fourth quarter of 2019, the services sector recorded the highest growth of 11.0%, followed by the agriculture sector expanded by the 6.8% and the Industry sector, 5.4%.