Ghana’s economy surges: Q3 growth hits 7.2 %

Ghana’s economy has shown remarkable resilience, with the third quarter of 2024 witnessing an impressive 7.2 percent year-on-year growth in Gross Domestic Product (GDP). This marks the fastest pace in nearly five years, driven by a strong performance in the industrial sector.

The Government Statistician, Professor Samuel Kobina Annim, announced on Wednesday, December 11, 2024. The previous quarter’s growth was revised upward to 7.0 percent from the initial estimate of 6.9 percent.

Key Economic Indicators:

• Industrial Sector: Expanded by 10.4 percent, primarily fuelled by mining and quarrying activities.
• Services Sector: Grew by 6.4 percent.
• Agricultural Sector: Expanded by 3.2 percent.
• Cocoa Sector: Contracted by 26 percent for the fifth consecutive quarter.

Ghana’s strong economic performance in the third quarter is a significant step forward in its recovery from a severe economic crisis in 2022. The country defaulted on most of its external debt, leading to a painful restructuring process.

Despite the positive growth momentum, concerns about high inflation and government debt sustainability remain for investors. The cedi has been strengthening, but investors continue to monitor the country’s economic progress closely.

The government’s focus on economic reforms and fiscal discipline will be crucial in sustaining this positive momentum and ensuring long-term economic stability.

Eben Agyekum-Boateng, 3Business

 

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