Ghana’s economy expands by 4.7% in 2024 quarter 1

The Ghana Statistical Service (GSS) has announced that the country’s Gross Domestic Product (GDP) is estimated to have increased by 4.7% in the first quarter (January to March) of 2024.

This is compared to the fourth quarter (October to December 2023) of last year where the economy grew by 1.2%.

The drivers of the growth in the first quarter of 2024, according to the GSS were Mining and Quarrying, which contributed 12.9%, Information and Communication 17.9%, Crops 4.3%, Construction 8.2% and Accommodation and Food Service Activities 9.4%.

The contracting sub-sectors in quarter 1 of 2024 were Health and Social work -8.8%, Electricity -7.5%, Public Administration, Defense and Social Security -5.3%, education -4.9% Other Personal Service Activities -2.9% and Forestry & Logging -1.2%.

The Services sector continued to be the largest sector of the Ghanaian economy in Q1 2024 with a
share of 45.6% of GDP at basic prices.

The GDP share of Industry and Agriculture were 30.6% and 23.8%, respectively.

Compared to the same quarter last year, the growth in Agriculture was 4.1% in Q1 2024. In the
Industry sector growth was 6.8% compared to Q1 2023, and in the Services sector, growth was 3.3%. Quarter-on-quarter growth was 1.1%, 1.8% and 0.9% respectively.

Within the Agriculture sector, Crops grew the fastest both year-on-year (4.3%) and quarter-on-quarter seasonally adjusted (1.2%), compared to Forestry & Logging which had a growth rate of -1.2% year-on-year and -0.3% quarter-on-quarter seasonally adjusted. Crops accounts for 89.5% and 79.9% of Agriculture’s total nominal GDP and real GDP respectively.

Within the Industry sector, Mining & Quarrying grew the fastest (12.9%) year-on-year and 3.0%
quarter-on-quarter seasonally adjusted, compared to Electricity which had a growth rate of -7.5%
year-on-year and -2.2% quarter-on-quarter seasonally adjusted. Mining & Quarrying accounts for
38.6% and 38.1% of Industry’s total nominal GDP and real GDP respectively.

Within the Services sector, Information & Communication grew the fastest (17.9%) year-on-year
and 4.2% quarter-on-quarter seasonally adjusted, compared to Health & Social Work which
had a growth rate of -8.8% year-on-year and -2.1% quarter-on-quarter seasonally
adjusted. Information & Communication Activities accounts for 7.7% and 14.9% of
Services’ total nominal and real GDP.

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