Ghana's industrial sector sees mixed performances in Q2 2024

The Ghana Statistical Service (GSS) has released its most recent quarterly report on the index of industrial performance (IIP), which shows a mix of positive and negative developments across sectors.

According to the report detailing the performance of the various sub-sectors, the overall industrial index performance for the second quarter of 2024 increased by 8.2 percent over the previous year, driven by excellent performances in the manufacturing, mining, and quarry sub-sectors.

The Index of Industrial Production (IIP) measures changes over time in production volumes for the industry sector.

Annual and quarterly changes in the IIP levels measure the growth in production within the industry sector and its sub-sectors over the respective periods.

The mining and quarrying sub-sector experienced the highest growth rate of 9.2 percent as compared to the second quarter of the previous year.

The quarter-on-quarter change in the performances for these mining and quarrying sub-sectors is 0.3 percent.

Thus, on average, production in the mining and quarrying sub-sectors grew by 0.3 percent in the second quarter of 2024 compared to the first quarter.

The year-on-year change in the IIP for manufacturing is 8.3 percent; thus, production levels in the manufacturing sub-sector, on average, grew by 8.3 percent in the second quarter of 2024 compared to the same period in the previous year.

The manufacture of other transport equipment recorded the highest growth of 20.9 percent, while the production of coke and refined petroleum products declined by 1.8 percent.

The year-on-year change in the IIP for the Water Supply, Sewage, and Waste Management subsector is 1.2 percent; thus, production in the Water Supply, Sewage, and Waste Management subsector, on average, grew by 1.2 percent in the second quarter of 2024 as compared to the same period in 2023.

The quarter-on-quarter change in the IIP for the water supply, sewage, and waste management sub-sector is 2.8 percent; thus, relative to the first quarter of 2024, the IIP in this sub-sector increased by 2.8 percent in the second quarter.

However, the year-on-year change in the IIP for electricity and gas is -1.4%, the lowest among all the subsectors.

Thus, production for this sub-sector declined by 1.4 percent in the second quarter of 2024 compared to the second quarter of 2023. 

The quarter-on-quarter change in the IIP for this sector is -4.3 percent, implying that average production in the electricity and gas sub-sector fell by 4.3 percent in the second quarter of 20204 compared to the first quarter.