Ghana’s economy has recorded a significant milestone with a 5.7% real GDP growth rate for the 2024 fiscal year, the highest in five years. This performance, announced by the Ghana Statistical Service (GSS), has exceeded the original budget target of 3.1% and the revised target of 4%.
Former Finance Minister Dr. Mohammed Amin Adam, speaking on behalf of the Minority in Parliament, attributed the economic expansion to strong performance in key sectors. The industrial sector led the growth with a 7.1% increase, followed by the services sector at 5.9% and agriculture at 2.8%.
“This means that the Ghanaian economy has entered a phase of structural transformation,” Dr. Adam stated. “Another historic achievement under the NPP government.”
Dr. Adam also addressed concerns regarding fiscal data manipulation, asserting that the economy inherited by the new government remains strong. He pointed to Ghana’s debt-to-GDP ratio of 61.8% in 2024, attributing it to the effective implementation of a sound debt strategy.
“The debt-to-GDP ratio of 61.8% was not an accident. It was due to the implementation of a good debt strategy, history will be kind to the Akufo-Addo-Bawumia government.” he remarked.
The latest GDP figures have sparked optimism about Ghana’s economic trajectory, with analysts highlighting the shift towards industrial growth as a sign of structural transformation. While the economic gains have been lauded, policymakers and investors will be closely monitoring fiscal policies to ensure sustained growth and stability in the years ahead.
