As of 2017, the National Gross Domestic Product (GDP) of Ghana was $58,996,776,238 (USD). The growth rate in 2017 was 8.14% from 2016.
However in 2020, according to The World Bank, due to the COVID-19 crisis, Ghanas economy has dropped and the country is in a recession for the first time in 38 years.
In the second half of 2020, Ghana’s economy began to show improvement as the lockdowns had come to an end (worldbank.org, 2021).
There was a 1.1% GDP growth in 2020, compared to 6.5% before COVID-19.
In 2020, the fiscal deficit reached 16.2% of GDP and a public debt of 76.1% of GDP.
Figure 1: Ghana GDP chart
Notes: Copyright 2020 Focus Economics
Page Author: Maya Gutierrez
