3.6% Q4 Growth Slows Economic Expansion to 5.7% of GDP in 2024
Ghana’s economy expanded by 5.7% in 2024, comfortably exceeding the revised 3.1% growth recorded in the previous year.
Growth momentum, however, weakened in the final quarter, with GDP rising by just 3.6%, a sharp decline from the 7.2% recorded in the third quarter.
The slowdown was largely driven by stagnation in the industrial sector, which managed a marginal 0.2% expansion.
A steep contraction in mining and quarrying—accounting for 43% of the sector’s total value—was a key drag on overall output.
Despite the loss of momentum, the services sector remained the backbone of the economy, contributing 49.2% of total GDP, while industry and agriculture accounted for 31.9% and 19.0%, respectively.
At constant 2013 prices, oil GDP for Q4 stood at GHS 53.1bn, while non-oil GDP was GHS 50.3bn.
In nominal terms, total output at basic prices reached GHS 308.1bn.
While the full-year growth rate underscores Ghana’s economic resilience, the sharp slowdown in Q4 highlights vulnerabilities, particularly in industry, that could weigh on growth prospects in 2025.
