![File photo of Makola Market [Image Credit: JAFEPX]](https://ghananews.co.uk/wp-content/uploads/2024/11/Business-confidence-on-the-gradual-rise-–-GNCCI.jpg "File photo of Makola Market [Image Credit: JAFEPX]")
File photo of Makola Market [Image Credit: JAFEPX]
Provisional GDP data from the Ghana Statistical Service (GSS) shows that Ghana’s economy grew by 5.7% in 2024, higher than the revised 3.1% growth rate recorded in 2023.
However, the growth rate for the fourth quarter of 2024 dropped to 3.6%, down from 7.2% in the third quarter of 2024.
The Services sector remained the largest contributor to the economy, accounting for 47% of Gross Domestic Product at basic prices. This was followed by Industry and Agriculture, which recorded economic shares of 30.8% and 22.2%, respectively.
Government Statistician, Professor Samuel Kobina Annim, attributed the decline in fourth-quarter growth to contractions in various sectors, including mining and quarrying.
“The fall in the growth rate for the fourth quarter was due to contractions within the agriculture and industry sectors of the economy,” he stated.
Within the Industry sector, the Mining and Quarrying sub-sector, as well as the Oil and Gas sector, experienced contractions, which negatively impacted Ghana’s overall economic growth. These sectors shrank by 8.2% and 8.7% year-on-year, respectively.
The cocoa sub-sector within the Agriculture sector continued to decline for the fourth consecutive quarter, contracting by 21.4% in the fourth quarter of 2024.
In contrast, the Information and Communication sub-sector saw the most significant expansion within the Services sector. However, the Health and Social Work sub-sector contracted in the fourth quarter of the year.
SP/MA
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