Ghana’s GDP growth reached 3.6% in Q4 2024, the lowest since Q3 2023, down from a 7.5% growth the previous quarter. The industrial sector grew only 0.2%, while services and agriculture sectors expanded by 6.3% and 2.9%, respectively. The annual growth for 2024 stood at 5.7%.
In the fourth quarter of 2024, Ghana’s economy experienced a year-on-year growth of 3.6%, marking the slowest growth rate since the third quarter of 2023. This slowdown follows a notable upwardly revised expansion of 7.5% in the previous three-month period.
The industrial sector significantly hampered overall growth, contributing a mere increase of 0.2%, a stark contrast to the 10.4% growth observed in the third quarter. In contrast, the services sector saw a robust growth rate of 6.3%, while the agriculture sector reported an increase of 2.9%.
Overall, for the year 2024, Ghana’s GDP recorded a growth rate of 5.7%, reflecting a mixed performance across various sectors of the economy.
Ghana’s economic growth is showing signs of deceleration, particularly in the industrial sector, which lagged behind in Q4 2024. Positive performance in services and agriculture partially offset these losses. Nevertheless, the overall annual GDP growth of 5.7% indicates a resilience in certain segments of the economy despite the challenges faced.
Original Source: www.tradingview.com
