Ghana’s economy expanded by 7.2% in the third quarter of 2024, reflecting an improvement from the 6.9% growth recorded in Q2, and representing one of the fastest growth since 2019. The impressive performance was underpinned by robust gains in the industrial sector, highlighting the economy’s resilience amidst sectoral challenges.
The industrial sector, a key growth driver, surged by 10.4% year-on-year, compared to 9.4% in the previous quarter. Mining and quarrying emerged as the standout performers, registering a substantial 17.1% growth — marking the sub-sector’s fourth consecutive quarter of expansion.
Meanwhile, the services sector demonstrated steady momentum, accelerating its growth to 6.4% in Q3, up from 5.7% in Q2. The information and communications sub-sector led the charge with a remarkable 17.1% increase, reaffirming its pivotal role in Ghana’s economic landscape.
On the other hand, the agriculture sector faced headwinds, with growth decelerating to 3.2%, down from 6% in the previous quarter. A significant 26% contraction in the cocoa sub-sector, now in its fifth quarter of decline, was a key contributor to this slowdown. Agriculture, employing about 40% of Ghana’s workforce, continues to grapple with structural challenges, particularly in cocoa production.
As of Q3 2024, the services sector remains the largest contributor to Ghana’s GDP at basic prices, holding a 42.9% share. The industrial sector follows closely with 32.6%, while agriculture accounts for 24.5%.
The latest figures emphasize the resilience of Ghana’s industrial and services sectors in driving economic growth, even as the agriculture sector struggles to regain its footing.
