Ghana’s economy grew by 7.2% in Q3 2024, driven by a 10.4% industry surge; agriculture and services showed mixed performances in a report sighted by Brand Focus Africa
The country’s economic growth reached a robust 7.2% in the third quarter of 2024, a marked improvement from the 6.9% recorded in the second quarter, according to data from the Ghana Statistical Service (GSS).
This development gestures a positive course for the economy, which is showing resilience amid ongoing debt restructuring efforts by the government. The growth, described as momentous, mirrors a rebound driven largely by the industry sector, which recorded an impressive 10.4% year-on-year growth.
In terms of sectorial contributions, services retained their position as the largest sector, contributing 42.9% to the Gross Domestic Product (GDP) at basic prices. Industry and agriculture followed with shares of 32.6% and 24.5%, respectively.
However, it was the industry sector that stood out as the key driver of economic growth, with notable expansions in mining and quarrying, alongside a contraction in water and sewerage. Agriculture, while growing at a modest 3.2%, saw disparities as crops expanded by 5.9% year-on-year, while the fishing sub-sector recorded a sharp contraction of -21.7%.
The services sector, a consistent pillar of the economy, posted a growth rate of 6.4% year-on-year. Within the sector, information and communication services stood out as the fastest-growing sub-sector. However, other personal service activities experienced a decline, highlighting the uneven nature of growth within the services industry.
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Agriculture’s overall performance was mixed, with the crops sub-sector showing resilience and recording quarter-on-quarter growth of 1.3%. On the flip side, the fishing sub-sector struggled, with a dismal -6.5% contraction quarter-on-quarter, further exacerbating its yearly decline.
Meanwhile, in the industry sector, mining and quarrying activities were essential in driving growth. The sub-sector’s expansion compensated for contractions in areas like water and sewerage. These dynamics reveal the shifting priorities within the industrial framework as it adapts to both global and domestic challenges.
The latest economic data reinforces the country’s potential for sustained growth, particularly as efforts to stabilize the macroeconomic environment continue.
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Policymakers are expected to leverage this momentum to tackle structural weaknesses in agriculture and services while capitalizing on the opportunities presented by a strong industrial base.
