Ghana’s economy grew by 5.7% in 2024, although fourth-quarter growth fell to 3.6%. The Services sector contributed 47% to GDP, whereas Mining, Oil, and Agriculture saw declines. Key sector performances varied, with Information and Communication growing significantly but Health and Social Work contracting.

The Ghana Statistical Service (GSS) has reported that Ghana’s economy grew by 5.7% in 2024, a notable increase from the revised growth rate of 3.1% in 2023. However, the growth rate for the fourth quarter of 2024 fell to 3.6%, significantly lower than the 7.2% observed in the third quarter.

The Services sector remains the dominant contributor to the economy, accounting for 47% of Gross Domestic Product (GDP) at basic prices, followed by the Industry sector at 30.8% and Agriculture at 22.2%. Government Statistician Professor Samuel Kobina Annim noted that various sectors experienced contractions, impacting overall growth.

Specifically, the decline in growth for the fourth quarter is attributed to negative performance in agriculture and industry sectors. The Mining and Quarrying sector, along with Oil and Gas, contracted by 8.2% and 8.7% year-on-year, respectively. The cocoa sub-sector also continued its downward trend, reporting a contraction of 21.4% in the fourth quarter.

Contrarily, the Information and Communication sector saw robust growth, emerging as the most significant contributing sector within Services. Nonetheless, the Health and Social Work sub-sector faced contractions during the same period, further illustrating the mixed performance across sectors.

In summary, Ghana’s economy showed substantial growth in 2024 compared to 2023 but faced challenges in the fourth quarter due to sector contractions. The Services sector remains the strongest, while Industry, particularly Mining and Agriculture, displayed weaknesses. Continued monitoring and adjustments are necessary to foster stability and consistent growth across all sectors.

Original Source: www.ghanaweb.com