Ghana’s economy experienced robust growth in the third quarter of 2024, reaching a cumulative 7.2% according to data released by the Ghana Statistical Service (GSS) on December 12th, 2024. This represents a notable increase from the 6.9% recorded in the second quarter. The strong growth provides further positive momentum as the government undertakes its debt restructuring program.
The services sector remains the dominant contributor to Ghana’s GDP, accounting for 42.9% at basic prices. The industry sector followed with substantial growth, recording a 32.6% share of GDP, while the agriculture sector contributed 24.5%.
A closer look at sector-specific growth reveals that the industry sector experienced the highest year-on-year real GDP growth at 10.4%, followed by the services sector at 6.4%, and the agriculture sector at 3.2%.
Within the agriculture sector, crop production showed significant expansion (5.9% year-on-year and 1.3% quarter-on-quarter), while the fishing sub-sector contracted sharply (-21.7% year-on-year and -6.5% quarter-on-quarter). In the industry sector, mining and quarrying expanded, while water and sewerage contracted. The services sector saw the information and communication sub-sector expand most significantly, offsetting a contraction in other personal services activities. The robust overall economic growth provides a positive signal for Ghana’s economic outlook.
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