Ghana’s Ministry of Finance has announced that the country’s economy is bouncing back strongly, despite global challenges and debt restructuring. Apexnewsgh reports
According to the Ghana Statistical Service (GSS), the economy grew by 6.9% in the second quarter of 2024, making it the highest quarterly GDP growth in five years.
The ministry attributes this robust recovery to the government’s efforts to restore macroeconomic stability and growth through the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG). The overall real GDP growth for the first half of 2024 averaged 5.8%, significantly higher than the 2.9% recorded in the same period in 2023.
All three sectors of the economy – agriculture, industry, and services – contributed to this growth. The industry sector saw an impressive 8% growth, driven by expansions in mining and quarrying, oil and gas, construction, and manufacturing.
Agriculture grew by 5%, with notable increases in crops, fishing, and livestock. The services sector expanded by 4.4%, fueled by growth in information and communication, accommodation and food services, and financial and insurance activities.
This recovery is particularly remarkable given Ghana’s completion of its domestic debt restructuring program in 2023 and ongoing external debt restructuring. The ministry notes that Ghana’s growth performance surpasses that of countries with similar debt restructuring experiences, such as Jamaica, which saw average real GDP growth of only 1-2% over a decade.
The government remains committed to maintaining macroeconomic stability, a crucial factor in promoting inclusive growth. With this momentum, Ghana’s economy is poised for continued recovery and expansion.
Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen
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