Ghana’s economy grew by 5.7% in 2024, Q4 growth slows to 3.6%

Ghana’s economy grew by 5.7 percent in 2024, marking an increase from a revised 3.1 percent growth seen in 2023, provisional figures released by the Ghana Statistical Service has revealed.

However, the growth rate for the fourth quarter of 2024 plummeted to 3.6 percent from 7.2 percent in the third quarter of 2024.

The Services sector continues to be the largest of the Ghanaian economy with a share of 47 percent of Gross Domestic Product at basic prices.

This is followed by Industry and Agriculture, having recorded a growth rate of 30.8 percent and 22.2 percent respectively.

Government statistician Professor Samuel Kobina Annim attributed the fall in the growth rate of the fourth quarter to contraction in various sectors, including the mining and quarrying sector.

“The fall in the growth rate for the fourth quarter was as a result of some contraction within the agriculture sector and industry sector of the economy”, he said.

Under the Industry sector, mining and quarrying sub-sector  as well as Oil and Gas sector saw some contraction which affected the overall growth of Ghana’s economy with -8.2 and -8.7 percent year on year respectively.

Also, the cocoa sub-sector under the Agriculture sector continued to trail for the fourth time in a row with -21.4 percent contraction in the fourth quarter of 2024. Meanwhile, Information and Communication expanded the most within the services sector with health and social work contract in the fourth quarter of the year.