Ghana’s economy grew by 5.7% in 2024, but fourth-quarter growth fell to 3.6%. The Services sector led contributions, while Agriculture and Industry faced declines. Contractions were significant in mining, quarrying, and cocoa production.
Provisional data from the Ghana Statistical Service (GSS) reveals that Ghana’s economy grew by 5.7% in 2024, an improvement over the revised 3.1% growth rate from 2023. Despite this overall growth, the economy experienced a slowdown in the fourth quarter of 2024, with a growth rate of 3.6%, down from 7.2% in the preceding quarter.
The Services sector emerged as the predominant contributor to Ghana’s economy, comprising 47% of Gross Domestic Product at basic prices. Following this, the Industry and Agriculture sectors contributed 30.8% and 22.2%, respectively. The Government Statistician, Professor Samuel Kobina Annim, noted that the decline in fourth-quarter growth can be linked to contractions in several sectors, notably mining and quarrying.
Professor Annim indicated, “The fall in the growth rate for the fourth quarter was due to contractions within the agriculture and industry sectors of the economy.” The Industry sector faced significant contractions, particularly within the Mining and Quarrying sub-sector and the Oil and Gas sector, which contracted by 8.2% and 8.7% year-on-year, respectively.
Meanwhile, the cocoa sub-sector under Agriculture continued a downward trend, recording a contraction of 21.4% in the fourth quarter, marking its fourth consecutive quarter of decline. Conversely, the Information and Communication sub-sector experienced substantial growth, although the Health and Social Work sub-sector saw a contraction in the same period.
In summary, Ghana’s economy displayed a substantial growth of 5.7% in 2024; however, it faced challenges in the fourth quarter, specifically a decline to 3.6%. The Services sector remained robust, while the Agriculture and Industry sectors suffered from notable contractions. This data underscores the importance of addressing sectoral weaknesses to sustain economic growth moving forward.
Original Source: www.ghanaweb.com
