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

Ghana’s GDP growth slowed to 3.6% year-on-year in Q4 2024, the lowest since Q3 2023, following a revised 7.5% growth in the prior quarter. Industrial growth was minimal at 0.2%, while the services sector grew by 6.3% and agriculture by 2.9%. For the entire year, GDP increased by 5.7%.

Ghana’s economy experienced a year-on-year growth of 3.6% in the fourth quarter of 2024, a notable decline compared to the upwardly adjusted growth of 7.5% observed in the previous quarter. A significant contributor to this slowdown was the industrial sector, which displayed minimal growth at only 0.2%, diminishing from a robust 10.4% increase in the third quarter. In contrast, the services sector saw a growth of 6.3%, while agriculture posted a rise of 2.9%. Overall, the nation’s GDP recorded a growth rate of 5.7% for the entirety of 2024.

In conclusion, Ghana’s GDP growth faced a decline in the fourth quarter of 2024, marking the lowest growth rate since the third quarter of 2023. The industrial sector’s stagnation significantly impacted this slowdown, while the services and agriculture sectors reported positive growth. Despite the quarterly challenges, the nation managed a respectable annual GDP growth of 5.7%.

Original Source: www.tradingview.com