Ghana’s industrial sector achieved a year-on-year growth rate of 7.6% in the third quarter of 2024, according to the latest Index of Industrial Production (IIP) report from the Ghana Statistical Service (GSS).
However, on a quarter-on-quarter basis, the sector saw a slight decline of 0.6%, down from the 8.2% growth recorded in the second quarter of 2024. The IIP for the third quarter stood at 100.6, compared to 93.5 during the same period in 2023.
The mining and quarrying sector led the growth, posting a strong year-on-year increase of 13.5%. Manufacturing saw a more modest growth of 2.0%, driven by significant advances in key sub-sectors.
Notable gains included a 33.5% rise in the manufacture of transport equipment, a 27.5% increase in paper and paper products, and a 23.2% growth in electrical equipment.
In contrast, some manufacturing sub-sectors showed stagnation or slight declines. The electricity and gas sub-sector faced challenges, registering a year-on-year contraction of 1.9%, due to operational difficulties that impacted the consistency of energy supply.
These figures highlight the mixed performance of Ghana’s industrial sector as it seeks to maintain growth amidst structural challenges.
