Prof. Samuel Kobina Annim
The Ghana Statistical Service (GSS) has reported that the country’s economy grew 7.2% in the third quarter (Q3) of this year.
This is an improvement from the second quarter which recorded 6.9% growth for 2024, and is the strongest since pre-pandemic levels.
The economy grew by 2.2% in the same period last year, the GSS revealed.
The GSS, in a statement, announced on Wednesday, December 12, 2024, that the positive economic performance provides a crucial boost as the government works to restructure its national debt and stabilize the economy.
The statement noted that the services sector continues to dominate the economy, contributing 42.9% of GDP at basic prices.
It revealed that industry follows with a share of 32.6%, while agriculture accounts for 24.5%.
Year-on-year, the industry sector achieved the highest growth rate at 10.4%, outpacing the services sector, which grew by 6.4%.
The agriculture sector recorded the slowest growth, with a 3.2% increase, the GSS pointed out, adding that within agriculture, the crops sub-sector recorded the strongest performance, expanding by 5.9% year-on-year and 1.3% quarter-on-quarter.
However, the fishing sub-sector faced a steep contraction, shrinking by 21.7% compared to the same period last year and by 6.5% compared to the previous quarter.
For the service sector, the GSS said the information and communication sub-sector led growth in the services sector, while other personal services activities contracted during the quarter.
In the industry sector, mining and quarrying drove growth, while the water and sewerage sub-sector saw a decline.
On a seasonally adjusted basis, the country’s real Gross Domestic Product (GDP) grew by 1.7% in the third quarter of 2024 compared to the previous quarter, edging above the 1.6% growth recorded in the second quarter of 2024.
A Business Desk Report