Ghana's economy grows by 7.2% in third quarter of 2024

Ghana's economic growth quickened in the third quarter in a further sign of the West African country's ongoing recovery from its worst economic crisis in a generation, statistics agency data showed on Wednesday.

Gross domestic product grew by 7.2% year-on-year in the third quarter of 2024, the most since the second quarter of 2019, the data showed.

The positive economic momentum comes as a new president and government prepare to take office on January 7 after ex-president and main opposition leader John Dramani Mahama won Saturday's election.

Growth in the second quarter of 2024 was revised to 7.0% from 6.9%, the agency said.

Cocoa sector contracts

Ghana's industrial sector, largely driven by mining and quarrying, grew by 10.4%, while the services sector expanded by 6.4% and the agricultural sector by 3.2%.

The cocoa sector in the world's second biggest producer, however, contracted for the fifth consecutive quarter by 26%, the data showed.

Ghana defaulted on most of its external debt in 2022, leading to a painful restructuring.

Its cedi currency has been strengthening, but high inflation and government debt sustainability remain a concern for investors.

➤Click here to follow our WhatsApp channel for more stories.