Ghana’s industry sector has emerged as the primary driver of economic growth in the second quarter of 2024, posting a remarkable year-on-year growth of 9.3%, according to the latest provisional data from the Ghana Statistical Service. The industry sector significantly contributed to the overall GDP growth of 6.9% during the period.
Mining and quarrying led the charge within the industry sector, expanding by 14.8%. This growth was driven in part by the oil and gas subsector, which saw a 5.8% increase.
Other major contributors to the sector’s performance included construction, which grew by 8.4%, and manufacturing, which posted a 3.9% rise.
The water supply, sewerage, waste management, and remediation activities sub-sector, however, contracted by 9.6%, indicating challenges in this segment. Despite this, the industry sector’s dominance is evident in its contribution to the economy, accounting for 32.2% of the total GDP in the second quarter.
On a quarter-on-quarter basis, the industry sector grew by 2.1%, reflecting its continued expansion and resilience compared to the first quarter of 2024. The robust performance of the sector cites its role as a key pillar of Ghana’s economic recovery, supported by ongoing activities in construction, energy, and resource extraction.
However, agricultural sector, which contributes 23.6% to Ghana’s GDP, grew by 5.4%, bolstered by a 6.4% expansion in the crops sub-sector. Cocoa production, a significant part of the agricultural industry, shrank by 26.2%.
