Ghana’s economy experienced a growth of 7.2% in the third quarter of 2024, according to provisional figures released by the Ghana Statistical Service. This positive growth indicates resilience in certain sectors, despite ongoing challenges in the global and local economic landscape. The statistics reflect the country’s efforts to recover and progress, with various sectors contributing to the economic upturn. Further details on the sectors driving this growth and the broader economic implications will likely follow in the official release and analysis. Ghana’s economy grew by 7.2% in the third quarter of 2024, compared to a growth rate of 6.9% in the second quarter. The services sector remains the largest contributor to the economy, accounting for 42.9% of GDP at basic prices. It was followed by the industrial and agricultural sectors, which recorded growth rates of 32.6% and 24.5%, respectively.
Among the sectors, the industrial sector posted the highest real GDP growth, achieving a 10.4% increase year-on-year. The services sector grew by 6.4%, while the agriculture sector had a more modest growth rate of 3.2%. These figures reflect a diverse and dynamic economy, with significant contributions from various sectors despite ongoing economic challenges. In the agriculture sector, the crops sub-sector showed the most significant expansion, growing by 5.9% year-on-year and 1.3% quarter-on-quarter. However, the fishing sub-sector faced a sharp decline, contracting by 21.7% year-on-year and 6.5% quarter-on-quarter, reflecting challenges in that area.
Within the industry sector, the mining and quarrying sub-sector contributed positively to GDP growth, while the water and sewerage sub-sector experienced a contraction. These trends highlight the varied performance within specific sectors of the economy, with certain areas showing strong growth while others faced difficulties. Within the services sector, the information and communication sub-sector showed the most significant expansion in the third quarter of 2024. This growth reflects the continued importance of digital services and technology in the Ghanaian economy.
On the other hand, other personal services activities experienced a contraction during the same period. This indicates challenges in certain service-related industries, possibly due to shifting consumer behaviors or economic pressures impacting discretionary spending on personal services. The mixed performance within the services sector highlights both areas of growth and areas in need of attention for a more balanced recovery.
