The Ministry of Finance reports that Ghana’s economy is outperforming expectations, demonstrating resilience and growth despite both global and domestic challenges, reinforcing its status as one of the most dynamic economies in Africa.
Citing data from the Ghana Statistical Service (GSS), the Ministry emphasized the nation’s strong economic performance in the third quarter of 2024, underscoring its capacity to overcome hurdles and sustain growth.
In a statement issued on December 12, the Ministry remarked, “Ghana’s economy continues to surpass expectations, overcoming challenges and solidifying its position as one of the most dynamic economies in Africa.” The GSS data further underscores the country’s exceptional performance during this period.
“For the first three quarters of 2024, Ghana recorded an impressive average real GDP growth rate of 6.3%, a significant leap from the 2.6% recorded during the same period in 2023.
“This growth was fueled by quarterly expansions of 4.8% in Q1, 7.0% in Q2, and an outstanding 7.2% in Q3—the highest quarterly GDP growth in the last five years.”
Additionally, the Ministry of Finance stated that the non-oil sector has been equally robust, posting an average growth rate of 6.2% for the first three quarters of 2024, compared to 2.6% in the same period last year. Quarterly growth figures for the non-oil economy were 4.3% in Q1, 6.6% in Q2, and 7.7% in Q3.
Given this stellar performance, the Ministry anticipates that Ghana is on track to exceed the recently revised GDP growth projection of 4% for 2024 under the 3rd Review of the IMF-supported Programme.
“Ghana’s post-debt restructuring growth defies global trends, where such economies typically grow at
a modest 1-2%.”
