Prez Akufo-Addo Touts Return to Pre-Covid Growth Rate at Joint Transition Team Inauguration
President Nana Akufo-Addo has lauded Ghana’s economic rebound to pre-COVID growth levels, citing the 7.2% GDP growth rate recorded in the third quarter of 2024 as evidence of recovery.
Speaking during the inauguration of the Transition Teams on December 11, President Akufo-Addo remarked that the impressive Q3 performance brought the average GDP growth for the first three quarters of 2024 to 6.3%.
“In the pursuit of economic progress, you [President-elect Mahama] will be happy to hear that the third quarter results of the economy have been established at a growth rate of 7.2%, making an average rate of growth over the three quarters at 6.3%. We are indeed back to the pre-COVID era,” the President stated.
Prior to the Covid-era, Ghana recorded a fourth-quarter GDP growth rate of 7.9% in 2019.
According to the Ghana Statistical Service (GSS), Ghana’s economy recorded a 7.2% expansion in the third quarter of 2024, marking an improvement from the 6.9% growth achieved in the second quarter.
The strong performance was primarily driven by robust gains in the industrial sector.
The industrial sector posted a 10.4% year-on-year growth in Q3, up from 9.4% in Q2, with mining and quarrying leading the charge.
The sub-sector expanded by a significant 17.1%, its fourth consecutive quarter of growth.
Growth in the services sector accelerated to 6.4% in Q3, compared to 5.7% in Q2. The information and communications sub-sector was a standout performer, registering a 17.1% increase.
Agriculture, which employs around 40% of Ghana’s workforce, saw its growth rate slow to 3.2%, down from 6% in the previous quarter.
The 7.2% Q3 growth rate recorded underscores the resilience of Ghana’s economy as the nation continues its trajectory of recovery and growth.
