According to data released by the Ghana Statistical Service, the national economy achieved a year-on-year growth rate of 4.7 percent during the first quarter of 2024, an improvement over the 3.8 percent expansion recorded in the corresponding period of the previous year.
This performance was largely propelled by a significant surge in the industrial sector, which grew by 6.8 percent, while the agriculture and services sectors expanded by 4.1 percent and 0.9 percent respectively. Key sub-sectors driving this productivity included mining and quarrying, information and communications, and construction, alongside a notable recovery in accommodation and food services.
Government Statistician Professor Samuel Kobina Annim noted that mining and quarrying alone contributed nearly 1.5 percentage points to the overall GDP, while the construction sector rebounded from a previous contraction to grow by 2.2 percent on a quarter-on-quarter basis.
In the services sector, which remains the largest component of the economy with a 45.6 percent share, the strongest gains were seen in hospitality and the digital economy. Conversely, the non-oil GDP growth rate saw a slight cooling to 4.2 percent compared to the 4.4 percent recorded in early 2023, reflecting the significant influence of the extractive industries on the current growth trajectory.
In financial terms, the real GDP at constant prices reached GH¢51 billion for the quarter, while the nominal GDP, which reflects the current prices paid by consumers, rose to GH¢266.68 billion. While agricultural growth was supported by improvements in the fishing sub-sector, other areas like livestock and cocoa experienced slight declines in their growth rates.
Overall, the data suggests that while the services sector continues to dominate the economic landscape, the industrial sector has emerged as the primary engine for the accelerated growth witnessed at the start of the year.
