Ghana’s industrial sector achieved a 7.6% year-on-year growth rate in the third quarter of 2024, according to the latest Index of Industrial Production (IIP) report released by the Ghana Statistical Service (GSS).
However, on a quarter-on-quarter basis, the sector experienced a slight decline of 0.6%, compared to the 8.2% growth recorded in the second quarter of 2024. The IIP for the third quarter stood at 100.6, up from 93.5 during the same period in 2023.
The mining and quarrying sector led the growth, recording a robust year-on-year increase of 13.5%. The manufacturing sector also contributed with a modest growth rate of 2.0%, driven by impressive performances in key sub-sectors. The manufacture of transport equipment surged by 33.5%, paper and paper products increased by 27.5%, and electrical equipment rose by 23.2%.
Despite these gains, some manufacturing sub-sectors showed stagnation or minor declines. The electricity and gas sub-sector faced significant challenges, contracting by 1.9% year-on-year due to operational issues that disrupted consistent energy supply.
These figures underscore the mixed performance of Ghana’s industrial sector, which continues to navigate structural challenges while striving to sustain growth momentum.
