Ghana’s GDP Growth Declines to Lowest Rate in Over a Year

Ghana’s GDP growth slowed to 3.6% in Q4 2024, the lowest since Q3 2023, following 7.5% growth in Q3. The industrial sector lagged at 0.2%, while services grew by 6.3% and agriculture by 2.9%. The annual GDP for 2024 was 5.7%.

Ghana’s economy experienced a year-on-year growth of 3.6% in the fourth quarter of 2024, marking the lowest expansion since the third quarter of 2023. This follows an upward revision where the economy grew by 7.5% in the preceding quarter. The industrial sector notably struggled, recording only a slight growth of 0.2%, in stark contrast to its impressive increase of 10.4% in the third quarter.

On a more positive note, the services sector showed a robust increase of 6.3%, while the agriculture sector also demonstrated growth, rising by 2.9%. Overall, throughout 2024, Ghana’s GDP recorded an annual growth of 5.7%, indicating a mixed performance across different sectors while highlighting significant challenges in the industrial domain.

In summary, Ghana’s GDP growth has slowed to 3.6% in the fourth quarter of 2024, marking a significant decrease from the previous quarter’s 7.5%. The industrial sector’s meager growth of 0.2% contrasted with the better performances of the services and agriculture sectors. Overall, 2024 concluded with a GDP growth of 5.7%, reflecting a complex economic landscape in the country.

Original Source: www.tradingview.com