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Ghana’s economy continues to surpass expectations, demonstrating resilience and securing its position as one of Africa’s most vibrant economies, according to the Ministry of Finance.
Drawing on data from the Ghana Statistical Service (GSS), the Ministry highlighted the country’s exceptional performance in the third quarter of 2024, despite global and domestic challenges.
In a statement released on December 12, the Ministry noted, “Ghana’s economy continues to exceed expectations, defying challenges and solidifying its position as one of the most dynamic economies in the Africa region.”
The GSS data revealed that Ghana achieved an average real GDP growth rate of 6.3% for the first three quarters of 2024, a significant improvement from the 2.6% recorded during the same period in 2023. The Ministry emphasized, “This growth was fueled by quarterly expansions of 4.8% in Q1, 7.0% in Q2, and an outstanding 7.2% in Q3—the highest quarterly GDP growth in the last five years.”
The non-oil sector also demonstrated strong performance, recording an average growth rate of 6.2% for the first three quarters of 2024, compared to 2.6% in the same period the previous year. According to the Ministry, “Quarterly growth figures for the non-oil economy were 4.3% in Q1, 6.6% in Q2, and 7.7% in Q3.”
Looking ahead, the Ministry expressed optimism about Ghana’s economic trajectory, projecting the nation to exceed the recently revised GDP growth target of 4% for 2024, as outlined in the third review of the IMF-supported program.
“Ghana’s post-debt restructuring growth defies global trends, where such economies typically grow at a modest 1-2%,” the statement concluded.
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