Non-oil sector slows, but oil sector drives Ghana’s economic growth

Data from the Ghana Statistical Service reveals a notable slowdown in the country’s economic growth rate from a non-oil perspective.

Between 2022 and 2023, Ghana’s economy expanded by 4.4 percent, which moderated slightly to 4.2 percent between 2023 and 2024.

Government Statistician Prof Samuel Kobina Annim highlighted that this decrease represents a 0.2 percentage point decline in growth from the previous period.

 Despite this, the first quarter of 2024 recorded the highest growth rate since early 2022, reaching 4.7 percent, marking an increase of 0.9 percentage points.

Interestingly, the growth picture varies when considering the oil sector separately.

While the non-oil economy grew by 6.1 percent, the overall economy saw a growth rate of 4.7 percent in 2024, the highest since early 2022.

Comparing quarters, the growth rate for the last quarter of 2023 stood at 3.8 percent, showcasing a significant jump to 4.7 percent in 2024. In terms of non-oil growth, the 4.2 percent recorded recently marks the highest figure observed over the past three quarters, surpassing growth rates of 3.1 percent, 2.4 percent, and 3.4 percent seen in the preceding quarters of 2023.

This latest data underscores both the resilience and challenges within Ghana’s economy, reflecting fluctuations influenced by both internal and external factors. As Ghana navigates these economic shifts, attention remains focused on sustaining growth momentum amidst evolving global economic conditions.