Data from the World Bank and iterated by the Ghana Human Development Report 2023 (GNHDR) indicate that the size of Ghana’s economy in nominal terms increased from $24.8 billion in 2005/2006 to $79.5 billion in 2021 but then declined to $74.3 billion by the end of 2022.
Similarly, the country’s per capita income increased from $1,047 to $2,353 between 2007 and 2022.
Thus, between 2007 and 2022, the Ghanaian economy tripled in size and per-capita income doubled.
Within the period, Ghana’s economy grew, on average, about 7 percent per annum, recording a growth rate of 14 percent in 2011 when the income from petroleum came on stream, and 8.1 percent in 2017, partly due to an increase in commodity prices.
However, growth in the economy the World Bank notes, did not translate into improvement in employment and declines in poverty and inequality as employment rate declined from 68.8 percent in 2006 to 65 percent in 2017 and dropped further to 50 percent in 2021 but increased in 2022 to 58 percent.
