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Ghana's GDP growth reaches 4.7% in Q1 2024

The Ghana Statistical Service (GSS) 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

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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