Ghana’s economy sees promising growth in Q1, rises 4.7%

Ghana’s economy has shown remarkable resilience and growth in the first quarter of 2024, with a 4.7% increase in gross domestic product (GDP).

According to Government Statistician Prof Samuel Kobina Annim, the growth surpasses the 3.8% seen in the previous quarter and indicates a 1.6 percentage point increase in the growth rate.

The economy’s value increased from GH₵48.7 billion in Q1 2023 to GH₵51 billion in Q1 2024, representing a growth of GH₵2.3 billion. The industry sector led the way with a 6.8% growth, followed by agriculture (4.1%) and services (3.3%).

Key drivers of growth included mining and quarrying, construction, information and communication, accommodation and food service activities, and crops. This strong performance in Q1 is a promising sign for Ghana’s economic prospects, demonstrating the country’s ability to bounce back from challenges.

Prof Annim’s analysis highlights the economy’s strength and potential for continued growth, making Ghana an attractive destination for investment and economic activity.