The Ministry of Finance has credited Ghana’s latest economic growth to the government’s macroeconomic stability efforts and growth interventions under the IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).
In a statement following the release of GDP statistics by the Ghana Statistical Service (GSS) on September 18, 2024, the ministry highlighted Ghana’s rapid economic recovery amidst global challenges and ongoing debt restructuring efforts.
“The latest GDP statistics released by Ghana Statistical Service (GSS) on Wednesday, 18th September 2024, show that the Ghanaian economy is fast recovering amid global challenges and debt restructuring,” the Ministry stated.
The government reassured citizens that it remains committed to maintaining macroeconomic stability, essential for promoting inclusive growth across the country.
“It is expected that the implementation of the government’s growth strategy, including the Planting for Food and Jobs Phase 2 Programme, the SME Growth and Opportunity Programme, the 1 District 1 Factory Programme, and the Economic Enclave Programme under the Ghana CARES Programme, will further consolidate the gains we are making in economic recovery to improve the living conditions of the Ghanaian people,” the statement emphasized.
According to the GSS, Ghana’s economy expanded by 6.9% in the second quarter of 2024, a significant increase from the 2.5% growth recorded in the same period last year. This was 1.6% higher than real GDP in the first quarter of 2024.
“The provisional quarterly real GDP growth rate without oil and gas (non-oil GDP) for Q2 2024 was 7.0%, compared to 3.1% in the same quarter last year,” GSS noted in its statement.
The key sectors driving this growth in the second quarter included Mining and Quarrying, Crops, Information and Communication, Construction, and Manufacturing. However, some subsectors, such as Forestry and Logging, Other Personal Service Activities, and Water Supply, Sewerage, Waste Management, and Remediation Activities, experienced contractions.
GSS further noted that the Services sector continues to dominate the Ghanaian economy, contributing 44.2% of GDP, followed by Industry with 32.2% and Agriculture at 23.6%.
The Ministry of Finance also reflected on Ghana’s completion of its domestic debt restructuring programme in 2023 and its ongoing external debt restructuring efforts, comparing the country’s growth performance favorably to others that have undergone similar processes.
“A case in point is Jamaica, which recorded average real GDP growth of 1%-2% for about a decade after its debt restructuring,” the Ministry noted, highlighting Ghana’s significantly stronger growth trajectory during its recovery period.
