The Ghana Statistical Service (GSS) has announced that the country’s economy grew by 5.7% in 2024, reflecting a steady recovery from previous economic challenges.
The Government Statistician, Prof. Samuel Kobina Annim, said this is higher than the revised 3.1% growth rate recorded in 2023.
According to him, this growth was driven by key sectors such as agriculture, industry, and services.
The Services sector remained the largest contributor to GDP, representing 49.2% of total output, followed by Industry (31.9%) and Agriculture (19.0%).
At constant 2013 prices, Ghana’s oil GDP for fourth quarter 2024 stood at GH¢53,137.0 million, while non-oil GDP was GH¢50,262.5 million. In nominal terms, GDP at basic prices reached GH¢308,086.5 million.
The GSS, however, said the growth in the fourth quarter of 2024 slowed to 3.6%, down from 7.2% in the third quarter, reflecting a loss of momentum despite ongoing economic resilience.
It noted that the slowdown in fourth was largely driven by weaker growth in the Industry sector, which expanded by just 0.2%.
It posted out that a significant factor was the sharp contraction in mining and quarrying, which accounted for about 43% of the Industry sector’s total value.
A Business Desk Report