Ghana's GDP grows by 4.7% in Q1 2024, boosted by mining and communication sectors

The Ghana Statistical Service (GSS) has reported a 4.7% increase in Ghana’s Gross Domestic Product (GDP) for the first quarter of 2024 (January to March), a significant rise from the 1.2% growth recorded in the fourth quarter of 2023 (October to December).

Key drivers of this growth included Mining and Quarrying (12.9%), Information and Communication (17.9%), Crops (4.3%), Construction (8.2%),

Read full articleand Accommodation and Food Service Activities (9.4%).

Conversely, several sub-sectors contracted, such as Health and Social Work (-8.8%), Electricity (-7.5%), Public Administration, Defense and Social Security (-5.3%), Education (-4.9%), Other Personal Service Activities (-2.9%), and Forestry & Logging (-1.2%).

In Q1 2024, the Services sector remained the largest, comprising 45.6% of GDP at basic prices, followed by Industry at 30.6%, and Agriculture at 23.8%.

Year-on-year growth for Q1 2024 showed Agriculture at 4.1%, Industry at 6.8%, and Services at 3.3%, with quarter-on-quarter growth at 1.1%, 1.8%, and 0.9% respectively.

Crops within Agriculture grew by 4.3% year-on-year and 1.2% quarter-on-quarter. Mining and Quarrying led Industry growth at 12.9% year-on-year and 3.0% quarter-on-quarter. Information and Communication topped Services with a 17.9% year-on-year and 4.2% quarter-on-quarter growth.