The Government Statistician Samuel Kobina Annim has said that Ghana’s economy experienced its fastest growth in five years, expanding by 6.9 per cent in the second quarter of 2024.
According to the latest Gross Domestic Product (GDP) figures released on Thursday in Accra, the growth, which covers the period from April to June, marks an improvement compared to the revised 4.8 per cent recorded in the first quarter of the year.
The growth, which covers the period from April to June, marks an improvement compared to the revised 4.8 per cent recorded in the first quarter of the year.
He explained that the strong economic performance was largely driven by several key sectors and that mining and quarrying, crops, information and communication, construction, and manufacturing were the main contributors to the growth in the second quarter.
However, certain subsectors, such as forestry and logging, water supply, and other personal service activities, faced declines during this period.
In terms of GDP without oil and gas, growth was even higher, reaching 7.0 per cent compared to 3.1 per cent in the same quarter of the previous year. The seasonally adjusted quarter-on-quarter GDP growth rate also improved, standing at 1.6 per cent in Q2, up from 1.2 per cent in the first quarter.
The services sector continued to be the largest contributor to Ghana’s economy, accounting for 44.2 per cent of GDP at basic prices in the second quarter.
Meanwhile, the industry sector recorded the highest year-on-year growth at 9.3 per cent, spurred by a 14.8 per cent expansion in mining and quarrying. In contrast, water supply, sewerage, and waste management activities saw a contraction of 9.6 per cent.
The information and communication subsector was a standout performer within the services sector, posting a 12.8 per cent year-on-year growth, while other personal service activities contracted by 3.1 per cent. In agriculture, the crops subsector expanded by 6.4 per cent, but the forestry and logging subsector recorded a 5.2 per cent decline.
GIK/APA