Anthony Krakah, Assisstant Chief Statistician
The Ghana Statistical Service (GSS) has reported a significant expansion in industrial production over the past year.
According to the GSS, the industrial sector posted a growth rate of 7.6% for the third quarter of 2024.
In a statement released yesterday, the GSS highlighted that the quarter-on-quarter (QoQ) growth rate, which measures the change in production from the previous quarter, was recorded at 0.9%.
The statement noted that the growth in industrial production was primarily driven by the Mining and Quarrying sector, which exhibited an impressive growth rate of 13.5%.
This sector’s performance was instrumental in contributing to the overall growth of the Index of Industrial Production (IIP).
The IIP tracks short-term fluctuations in industrial production volumes within the country, serving as a key indicator for assessing industrial performance and predicting future economic trends.
It provides timely insights into the economy’s production activity and industrial performance, according to the press release.
Additionally, the Manufacturing sector experienced a moderate growth rate of 2.0%. While not as pronounced as the Mining and Quarrying sector, this growth still played a significant role in supporting the overall expansion of industrial production, the GSS pointed out.
However, some sectors faced notable challenges. The Electricity and Gas sector recorded a decline of 1.9%, while the Water Supply, Sewerage, and Waste Management sector contracted by 8.6%.
According to the GSS, these declines underscore the challenges faced by these sectors and highlight areas that require attention and support.
The GSS emphasized that the IIP data provides a comprehensive overview of the performance of various industries within the country. While the growth rates recorded in the Mining and Quarrying and Manufacturing sectors are encouraging, the declines in the Electricity and Gas and Water Supply, Sewerage, and Waste Management sectors warrant further examination and intervention.
By Vera Owusu Sarpong