The Institute of Statistical, Social, and Economic Research (ISSER) is projecting Ghana’s service sector to grow by three per cent for the 2024 fiscal year.
The 2024 projection is higher than ISSER’s 2023 expectation of 1.8 per cent. In 2025, growth in the sector is also expected to increase to five per cent.
In its 2022 State of the Ghanaian Economy report, the Institute said the Service sector’s 2024 projected performance showed its resilience despite the current economic crisis facing the country.
“In all, the services sector is expected to gain significant benefits with the sealing of the IMF deal. The sector is expected to continue to show resilience and as a backbone to overall economic growth,” Professor Peter Quartey, Director, ISSER said.
The report noted that the sector’s resilient performance in the coming year would be borne out of government’s positive results from the implementation of Information and Communication Technology (ICT) initiatives.
That include government’s Girls in ICT for SHS on Cyber Security and Data Privacy, which is empowering young Ghanaians in e-commerce, on cyber security and artificial intelligence.
In the long-term, the initiative is to enable beneficiaries to capitalise on emerging opportunities in the digital space, motivate them to develop an interest in Science, Technology, Engineering, and Mathematics (STEM), and be entrepreneurial.
Other initiatives that would contribute to the Service sector’s growth, ISSER noted included government’s intention to sign a pact with the United Kingdom (UK) government to regulate the exodus of nurses.
The Institute indicated that government’s implementation of the US$3 billion International Monetary Fund (IMF) loan-support programme would also help increase the growth rate in the service sector.
That was because, the Fund’s programme would help shore up investor confidence, with a rippling effect on the domestic tourism, making Service a backbone to overall economic growth.