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Ghana’s economic growth accelerated in the third quarter, signalling continued recovery from its worst financial crisis in decades, according to recent data from the National Statistics Agency. The country’s GDP grew by 7.2% year-on-year in the third quarter of 2024, marking the highest growth since the second quarter of 2019.
This positive momentum coincides with the upcoming transition of power to a new president and government on January 7, following the victory of former president and opposition leader John Dramani Mahama in Saturday’s election. Growth for the second quarter of 2024 was revised upward to 7.0% from an earlier estimate of 6.9%.
The industrial sector, mainly driven by mining and quarrying, saw a 10.4% growth, while the services sector expanded by 6.4%, and agriculture grew by 3.2%. However, the cocoa sector, which is a key industry in the world’s second-largest producer, shrank for the fifth consecutive quarter by 26%.
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Ghana defaulted on most of its external debt in 2022, leading to a painful restructuring process. While the cedi has strengthened, concerns about high inflation and government debt sustainability continue to weigh on investors.
