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Ghana's GDP growth reaches 4.7% in Q1 2024

<a data-link-role-code="open_new_tab" href="https://www.pulse.com.gh/business/world-bank-approves-dollar260m-cash-for-ghana-to-support-energy-sector/k2gxrvz">The Ghana Statistical Service (GSS) </a>has reported that the country's Gross Domestic Product (GDP) increased by 4.7% in the first quarter of 2024, a significant rise from the 1.2% growth in the fourth quarter of 2023.
Dr Mohammed Amin Adam Finance Minister
Dr Mohammed Amin Adam Finance Minister

The main drivers of this growth were the Mining and Quarrying sector, contributing 12.9%, Information and Communication at 17.9%, Crops at 4.3%, Construction at 8.2%, and Accommodation and Food Service Activities at 9.4%.

However, several sub-sectors experienced contractions in Q1 2024, including Health and Social Work (-8.8%), Electricity (-7.5%), Public Administration, Defence, and Social Security (-5.3%), Education (-4.9%), Other Personal Service Activities (-2.9%), and Forestry and Logging (-1.2%).

The Services sector remained the largest sector of the Ghanaian economy, comprising 45.6% of GDP at basic prices. The shares of Industry and Agriculture were 30.6% and 23.8%, respectively.

Compared to Q1 2023, Agriculture grew by 4.1% in Q1 2024. The Industry sector saw a growth of 6.8%, and the Services sector grew by 3.3%. Quarter-on-quarter growth rates were 1.1%, 1.8%, and 0.9% respectively for Agriculture, Industry, and Services.

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In the Agriculture sector, Crops showed the fastest growth both year-on-year (4.3%) and quarter-on-quarter (1.2%). Crops accounted for 89.5% of Agriculture's total nominal GDP and 79.9% of real GDP.

In the Industry sector, Mining and Quarrying grew the fastest year-on-year (12.9%) and quarter-on-quarter (3.0%). Mining and Quarrying contributed 38.6% to Industry's total nominal GDP and 38.1% to real GDP.

In the Services sector, Information and Communication showed the fastest growth year-on-year (17.9%) and quarter-on-quarter (4.2%). This sector accounted for 7.7% of Services' total nominal GDP and 14.9% of real GDP.

These figures highlight the robust performance of specific sectors within the Ghanaian economy, contributing to the overall GDP growth in the first quarter of 2024.

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