According to the latest data from the Ghana Statistical Service (GSS), Ghana’s economy grew by 7.2% in the third quarter (Q3) of 2024. This marks a notable increase from the 6.9% growth recorded in the second quarter of 2024.
The GSS shared this information in a statement on Wednesday, December 12, 2024.
The economic growth serves as a positive development as the government works on restructuring its debt. The services sector remains the largest contributor to Ghana’s economy, accounting for 42.9% of GDP at basic prices.
Following the services sector, the industry and agriculture sectors recorded growth rates of 32.6% and 24.5%, respectively. The industry sector saw the highest year-on-year real GDP growth at 10.4%, followed by the services sector with 6.4%. The agriculture sector grew by 3.2%.
Within agriculture, the crops sub-sector posted the highest growth, expanding by 5.9% year-on-year and 1.3% quarter-on-quarter. In contrast, the fishing sub-sector experienced the largest contraction.
Meanwhile, the fishing sub-sector had a growth of -21.7 percent year on year and -6.5 percent quarter on quarter.
The mining and quarrying sub-sector also expanded in the Industry sub-sector GDP estimates, while water and sewerage contracted.
Meanwhile, Information and Communication expanded the most within the services sector with other personal services activities contract in the third quarter of the year.
