Ghana’s economy expands by 5.7% in 2024

Ghana’s economy grew by 5.7% in 2024, up from a revised 3.1% in 2023, according to provisional data released by the Ghana Statistical Service.

This marks a significant rebound in economic performance year-on-year.

However, growth slowed sharply in the fourth quarter of 2024, dropping to 3.6% from 7.2% in the third quarter, reflecting challenges in key sectors.

The services sector remains the largest contributor to the economy, accounting for 47% of Gross Domestic Product (GDP) at basic prices.

This is followed by the industry sector with a 30.8% share and agriculture at 22.2%.

Government Statistician Professor Samuel Kobina Annim attributed the fourth-quarter slowdown to contractions in specific areas, particularly within the industry and agriculture sectors.

“The decline in growth during the fourth quarter was largely due to contractions in the agriculture and industry sectors,” he explained.

Within the industry sector, the mining and quarrying sub-sector recorded an 8.2% year-on-year contraction, while the oil and gas sector also shrank by 8.7%, significantly affecting overall growth.

In the agriculture sector, the cocoa sub-sector continued its downward trend for the fourth consecutive quarter, registering a steep 21.4% contraction in Q4 2024.

On a positive note, the information and communication sub-sector led growth within the services sector, while health and social work recorded a contraction during the same period.