Economy records 4.7% growth in first quarter of 2024

Ghana’s economy has shown promising growth in the first quarter of the year, with a 4.7% increase.
The growth rate was driven by strong performance in industry and services sectors.
The growth according to Government Statistician Prof Samuel Kobina Annim surpasses the 3.8% seen in the previous quarter.
“From a real perspective, that is when we’ve adjusted for the effect of price changes and looking at the actual value of goods and services, the economy in the first three months of 2024 was GH₵51 billion relative to GH₵ 48.7 billion that was recorded for the same time period in 2023,” Prof Annim explained.
He explained further that “this means that from a constant point of view, the economy has grown by about GH₵2.3 billion increasing from GH₵48.7 billion to GH₵51 billion in 2024.
From a growth perspective, given these two values, the economy grew by 4.7% between 2023 and 2024.”
According to the Government Statistician, the 4.7 % growth indicates a 1.6 percentage point increase in the growth rate in the economy as the economy between 2022 and 2023 grew by 3.1 % relative to 4.7% that the economy grew in the first quarter of 2024.
The industry sector recorded the highest growth at 6.8%, followed by the agriculture sector with 4.1% and the services sector with 3.3%.
“The main drivers of growth in the first quarter are the industry subsectors of mining and quarrying and construction, the services subsectors of information and communication, and accommodation and food service activities, as well as the agriculture subsector of crops,” Prof Annim said.
Ghana’s economy has demonstrated resilience in the face of challenges, with a strong growth rate in the first quarter.
The first quarter growth in GDP is a promising sign for the country’s economic prospects