Ghanaian Economy Surges by 4.7% in Q1 2024, Fueled by Industry Expansion

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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Ghana has reported a robust 4.7 percent GDP growth in the first quarter of 2024, showing a notable improvement of 0.5 percentage points from last year, as announced by the Ghana Statistical Service (GSS).

During a press briefing, Samuel Kobina Annim, the government statistician at the GSS, highlighted the industry sector as the primary contributor to growth with a 6.8 percent expansion, followed by agriculture at 4.1 percent and services at 3.3 percent.

“Key growth drivers included mining, quarrying, construction, information and communication services, accommodation, food service activities, and crop agriculture,” Annim detailed.

Ghana, heavily reliant on cocoa, gold, and fossil fuel exports, has embarked on economic reforms since May 2023, supported by a $3 billion loan from the International Monetary Fund to stabilize its economy.

The Ghanaian government has forecasted a 3.5 percent GDP growth rate for the entire year of 2024.

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