Ghana’s Economy Grew by 4.7% in Q1 of 2024

The latest data from the Ghana Statistical Service indicates that the cumulative economic growth for the first quarter of 2024 stood at 4.7%.

This marks a 1.6 percentage point increase from the 3.1% recorded in the first quarter of 2023.

The Services sector continues to be the largest sector of the Ghanaian economy in Q1 2024 with a share of 45.6 percent of GDP at basic prices.

The first quarter of 2024 saw significant growth driven by several sectors, according to the GSS. Mining and Quarrying contributed 12.9%, followed by Information and Communication at 17.9%, Crops at 4.3%, Construction at 8.2%, and Accommodation and Food Service Activities at 9.4%.

However, some sub-sectors experienced contractions during this period.

Health and Social Work recorded a decline of -8.8%, Electricity -7.5%, Public Administration, Defence, and Social Security -5.3%, Education -4.9%, Other Personal Service Activities -2.9%, and Forestry & Logging -1.2%.

Source: CNR