Ghana’s gross domestic product (GDP) expanded by 7.2 percent year-on-year in the third quarter (Q3) of this year, the Ghana Statistical Service (GSS) announced on Wednesday.
Samuel Kobina Annim, the government statistician at the GSS, said during a regular press briefing that the growth in Q3 was also 0.3 percentage points higher than the 6.9 percent recorded in Q2.
“The industry sector recorded the highest real GDP growth of 10.4 percent, followed by the services sector at 6.4 percent, and 3.2 percent for agriculture,” Annim said.
According to him, the mining, construction, and manufacturing sectors were the main drivers of GDP growth during this period, while the fishing, water and sewerage, and other personal service activities sectors experienced contraction in Q3.
With the support of a 3-billion-U.S.-dollar loan from the International Monetary Fund (IMF), Ghana has been implementing a reform program since May 2023. The program aims to stabilize the economy, which had been bogged down by spiraling public sector debts, higher inflation, and severe exchange rate volatility.
In October, the IMF revised its GDP growth projection for Ghana in 2024 to 4.0 percent.
