Ghana’s economy grew by 5.7% in 2024, Q4 growth slows to 3.6%

Ghana’s economy grew by 5.7% in 2024, Q4 growth slows to 3.6%

Ghana’s economy expanded by 5.7% in 2024, surpassing the revised 3.1% growth rate recorded in 2023.

However, growth in the fourth quarter of 2024 slowed to 3.6%, down from 7.2% in the third quarter, reflecting a loss of momentum despite ongoing economic resilience.

The slowdown in Q4 was largely driven by weaker growth in the Industry sector, which expanded by just 0.2%.

A significant factor was the sharp contraction in mining and quarrying, which accounted for about 43% of the Industry sector’s total value.

The Services sector remained the largest contributor to GDP, representing 49.2% of total output, followed by Industry (31.9%) and Agriculture (19.0%).

At constant 2013 prices, Ghana’s oil GDP for Q4 2024 stood at GH₵53,137.0 million, while non-oil GDP was GH₵50,262.5 million. In nominal terms, GDP at basic prices reached GH₵308,086.5 million