Ghana’s Economy Surpasses Expectations With 6.3% Growth In 2024 - MoF

Ghana’s Economy Surpasses Expectations with 6.3% Growth in 2024 the Ministry of Finance (MoF) has announced that Ghana’s economy continues to outperform expectations, reaffirming its status as one of Africa’s most dynamic economies despite global and domestic challenges. MoF in a statement on December 12, stressed Ghana’s impressive economic results for the first three quarters of 2024.

According to the Ministry of Finance, the country’s economic performance in the third quarter of 2024 has been remarkable, with an average real GDP growth rate of 6.3% for the first three quarters. Citing data from the Ghana Statistical Service (GSS), MoF noted that the country’s economic performance in the third quarter of 2024 has been exceptional, showcasing its resilience and robust growth.

This is a significant leap from the 2.6% recorded during the same period in 2023. The industry sector led the way with an average growth of 8.9%, driven by mining and quarrying, construction, and oil and gas. The services sector expanded by 5.0%, buoyed by information and communication, financial and insurance activities, and accommodation and food services. The agriculture sector grew by 4.6%, with key contributions from crops and livestock sub-sectors.

The nation’s economic recovery is attributed to its steadfast commitment to fiscal consolidation, debt restructuring, and fostering inclusive growth, which has positioned the country for continued success. “Ghana’s economy continues to exceed expectations, defying challenges and solidifying its position as one of the most dynamic economies in the Africa region. Data released by the Ghana Statistical Service (GSS) underscores the country’s remarkable economic performance during the third quarter of 2024.”