Ghana’s economy recorded a significant boost in the third quarter (Q3) of 2024, with a cumulative growth rate of 7.2%, according to the latest data from the Ghana Statistical Service (GSS). This marks an improvement from the 6.9% growth recorded in the second quarter of the year, signaling continued economic recovery amid ongoing debt restructuring efforts by the government.
In its statement on Wednesday, December 12, 2024, the GSS highlighted the robust contributions from key sectors of the economy, particularly services, industry, and agriculture.
Sectoral Performance
- Services Sector: Remaining the largest contributor to the economy, the services sector accounted for 42.9% of GDP at basic prices. It recorded a year-on-year growth rate of 6.4%, with Information and Communication leading the expansion in this sector. However, some areas, such as personal services activities, experienced contractions during the quarter.
- Industry Sector: The industry sector emerged as the fastest-growing sector, achieving a remarkable real GDP growth rate of 10.4% year-on-year. Mining and quarrying recorded notable growth within this sector, while water and sewerage saw contractions.
- Agriculture Sector: Agriculture grew by 3.2% year-on-year, with crops driving the expansion at a 5.9% growth rate. Quarter-on-quarter, crops grew by 1.3%. However, the fishing sub-sector recorded significant declines, with a year-on-year growth rate of -21.7% and a quarter-on-quarter decline of -6.5%.
Key Highlights
- The economic rebound underscores Ghana’s resilience as it navigates fiscal challenges and implements structural reforms.
- The cumulative growth for Q3 represents a positive trend that supports investor confidence and provides a stable foundation for further development.
The GSS report paints a picture of a diversifying economy with significant potential, though challenges such as sub-sector contractions highlight areas requiring targeted interventions. The government aims to leverage this growth momentum to further stabilize the economy and enhance job creation across various sectors.
