Provisional data from the Ghana Statistical Service indicates that Ghana’s economy expanded by 5.7% in 2024, higher than the revised 3.1% growth rate in 2023.
However, the growth rate for the fourth quarter of 2024 plummeted to 3.6% from 7.2% in the third quarter of 2024.
The Services sector continued to be the largest size of the Ghanaian economy with a share of 47% of Gross Domestic Product at basic prices.
This is followed by Industry and Agriculture, having recorded an economic size of 30.8% and 22.2% respectively.
This means Ghana’s economy is now valued at ₵1.2 trillion.
Government Statistician, Professor Samuel Kobina Annim, attributed the fall in the growth rate of the fourth quarter to contraction in various sectors, including the mining and quarrying sector.
“The fall in the growth rate for the fourth quarter was as a result of some contraction within the agriculture sector and industry sector of the economy”, he said.
Under Industry, the Mining and Quarrying sub-sector as well as the Oil and Gas sector, saw some contraction, which affected the overall growth of Ghana’s economy. The contracted by 8.2% and 8.7% year-on-year respectively.
Also, the cocoa sub-sector under the Agriculture sector continued to trail for the fourth period in a row with 21.4% contraction in the fourth quarter of 2024.
Voice of Professor Samuel Kobina Annim
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