Ghana’s economy has recorded significant growth in the second quarter of 2024, marking the fastest expansion in five years. According to the Ghana Statistical Service (GSS), the economy grew by 6.9% in the oil sectors and 7.0% in the non-oil sectors compared to the same period in 2023, where growth was more subdued at 2.5% and 3.1%, respectively.
This surge reflects improvements in critical sectors of the economy, including oil production, industry, and services, as the country continues its recovery from recent economic challenges.
The services sector, which represents the largest portion of the economy, accounting for 44.2% of the total GDP, played a significant role in this growth. Within this sector, the information and communication sub-sector led the charge, bolstered by increased digital adoption and telecommunications expansion.
Overall, the services sector’s contribution amounted to GH₵100,427 million, underscoring its pivotal role in driving economic performance.
The industrial sector also posted strong results, contributing 32.2% to the national GDP. Within this sector, mining and quarrying emerged as key drivers, registering a 14.8% year-on-year increase.
Notably, the oil and gas industry, a major component of the economy, grew by 5.8% compared to the previous year. The industrial sector’s overall contribution to GDP in nominal terms stood at GH₵73,152 million.
Agriculture, which contributes 23.6% to the overall GDP, also saw steady growth, although some subsectors faced challenges. Crop production, the backbone of agricultural output, grew by 6.4%, but the cocoa sub-sector continued its downward trend, shrinking by 26.2% year-on-year. The total contribution of agriculture to the GDP was recorded at GH₵53,533 million.
