Ghana’s economy recorded a cumulative growth rate of 7.2% in the third quarter of 2024, marking a notable increase from the 6.9% growth achieved in the second quarter. The Ghana Statistical Service (GSS) announced these figures in a statement released on Wednesday, December 12, 2024.
The economic rebound comes as a positive development for the nation amid ongoing debt restructuring efforts by the government.
The services sector remained the largest contributor to Ghana’s economy, accounting for 42.9% of GDP at basic prices. This was followed by the industry sector at 32.6% and agriculture at 24.5%.
Among the key sectors, the industry sector led with the highest year-on-year real GDP growth of 10.4%, followed by the services sector at 6.4%, and the agriculture sector at 3.2%.
Within the agriculture sector, the crops sub-sector recorded the strongest performance, expanding by 5.9% year-on-year and 1.3% quarter-on-quarter. Conversely, the fishing sub-sector experienced a significant contraction, with growth rates of -21.7% year-on-year and -6.5% quarter-on-quarter.
The industry sector saw gains in the mining and quarrying sub-sector, while the water and sewerage sub-sector contracted.
In the services sector, information and communication recorded the highest expansion, while other personal services activities experienced a contraction during the third quarter.
These results highlight a mixed but generally positive economic performance across key sectors as Ghana continues its recovery efforts.
