Dr. Mohammed Amin Adam
Ghana’s economy has demonstrated remarkable resilience, posting a 6.9% growth rate in the second quarter of 2024, according to provisional figures released by the Ghana Statistical Service (GSS).
This impressive expansion surpasses expectations and underscores the country’s potential for sustained economic development.
Sectoral Performance
The Services sector continues to drive growth, contributing 44.2% to the economy, followed closely by the Industry sector at 32.2%, and the Agriculture sector at 23.6%.
Notably, the information and communication subsector under Services saw a significant 12.8% year-on-year expansion and 2.9% quarter-on-quarter growth.
The Mining and Quarrying subsector also experienced substantial growth, expanding by 14.8% year-on-year and 3.8% quarter-on-quarter.
Agriculture saw crops grow by 6.4%, indicating a positive trend in the sector.
Challenges Persist
However, some subsectors faced contractions during the period. Forestry and Logging declined by 5.2%, while Water supply, sewerage, waste management, and Remediation activities contracted by 9.6%.
Personal services activities under Services also saw a 3.1% contraction.
Economic Outlook
Ghana’s economic growth in Q2 2024 is a testament to the country’s potential for expansion.
The Services sector’s dominance underscores the importance of investing in information and communication technologies.
The Industry sector’s growth, driven by Mining and Quarrying, highlights the need for continued investment in extractive industries.
Agriculture’s moderate growth suggests opportunities for improvement in crop production and related value chains.
-BY Daniel Bampoe