Ghana records 4.7 pct GDP growth in Q1 2024

By Justice
  • World
  • Wednesday, 19 Jun 2024

ACCRA, June 18 (Xinhua) -- Ghana's gross domestic product (GDP) expanded by 4.7 percent in the first quarter (Q1) of this year, marking a year-on-year increase of 0.5 percentage points over the same period last year, the Ghana Statistical Service (GSS) announced on Tuesday.

Samuel Kobina Annim, the government statistician at the GSS, revealed the data during a press briefing, saying that the industry sector recorded the highest growth at 6.8 percent, followed by the agriculture sector with 4.1 percent and the services sector with 3.3 percent.

"The main drivers of growth in Q1 are the industry subsectors of mining and quarrying and construction, the services subsectors of information and communication, and accommodation and food service activities, as well as the agriculture subsector of crops," Annim said.

Ghana, whose economy relies heavily on the export of cocoa, gold and fossil fuels, has been implementing a reform program since May 2023, supported by a loan of 3 billion U.S. dollars from the International Monetary Fund, aimed at stabilizing the economy.

The Ghanaian government has forecasted a GDP growth rate of 3.5 percent for this year.

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