Ghana's economy expands by 7.2% in 3rd quarter of 2024

Ghana’s economy achieved an impressive growth rate of 7.2 percent in the third quarter of 2024, according to provisional data released by the Ghana Statistical Service.

This reflects an improvement on the 6.9 percent growth recorded in the second quarter of the year.

The Services sector maintained its position as the largest contributor to Ghana’s economy, accounting for 42.9 percent of Gross Domestic Product (GDP) at basic prices.

It was followed by the Industry sector, which contributed 32.6 percent, and the Agriculture sector, at 24.5 percent.

The Industry sector led the way with the highest year-on-year real GDP growth of 10.4 percent, buoyed by strong performance in mining and quarrying activities.

The Services sector recorded a growth rate of 6.4 percent, while the Agriculture sector posted a modest increase of 3.2 percent.

In Agriculture, the crops sub-sector experienced the highest expansion, growing by 5.9 percent year-on-year and 1.3 percent quarter-on-quarter.

In contrast, the fishing sub-sector suffered a significant contraction, shrinking by 21.7 percent year-on-year and 6.5 percent quarter-on-quarter.

Within the Industry sector, mining and quarrying activities demonstrated notable growth, while the water and sewerage sub-sector experienced a decline.

In the Services sector, Information and Communication emerged as the fastest-growing sub-sector, underlining the critical role of technology and connectivity in Ghana’s economic landscape.

However, other personal services activities saw a decline during the period.

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