The Minister for Finance, Dr. Cassiel Ato Forson, has announced that Ghana’s real Gross Domestic Product (GDP) experienced significant growth in 2024, highlighting the resilience and recovery of the economy.
He made this announcement during the presentation of the 2025 Budget Statement to Parliament on Tuesday, March 11.
Dr. Forson noted that despite ongoing global and domestic economic challenges, Ghana’s economy performed strongly surpassing growth projections and reflecting the positive impact of key policy interventions implemented over the past year.
The total value of Ghana’s economy stands at GH¢331.1 billion, with the non-oil sector contributing GH¢324.3 billion.
For the first time in the country’s history, Ghana’s Annual Gross Domestic Product (GDP), including oil and gold surpassed GH¢1 trillion in 2024, marking a significant milestone in the nation’s economic performance.
This achievement reflects the scale of Ghana’s economic activity and highlights the increasing contribution of non-extractive sectors to national output.
“Ghana’s real GDP growth in 2024 was remarkable—exceeding expectations and demonstrating the strength and resilience of our economy,” he stated.
However, the Finance Minister acknowledged that a portion of this growth was attributed to proceeds from illegal small-scale mining, commonly known as galamsey.
He expressed concern over its environmental impact and emphasized that while economic growth is important, it must not come at the cost of the country’s natural resources.
Dr. Forson assured Parliament that the government is taking steps to ensure more sustainable and responsible economic practices, including strengthening regulation and promoting environmentally friendly alternatives.
He reaffirmed the government’s commitment to bolstering key sectors, addressing fiscal vulnerabilities, and implementing policies that support inclusive, long-term economic growth and environmental sustainability.