Ghana's Economy Grows at Fastest Pace in Five Years in Second Quarter
TLDR
- Ghana's economy grew 6.9% in Q2 2024, surpassing expectations and seeing significant growth in industrial, agriculture, and services sectors.
- Strongest growth in the industrial sector at 9.3% year-on-year, with agriculture and services sectors growing at 5.4% and 5.8% respectively.
- Despite overall growth, Ghana's cocoa subsector experienced a fourth consecutive quarter of contraction.
Ghana’s economy expanded 6.9% in the second quarter of 2024, marking its fastest growth in five years and beating economists’ estimates by more than double, driven by stronger performances in the industrial, agriculture, and services sectors.
The growth follows a revised 4.8% expansion in the previous quarter, according to Government Statistician Samuel Kobina Annim. The industrial sector saw the strongest growth, expanding 9.3% year-on-year, while agriculture and services grew 5.4% and 5.8% respectively.
Despite this, the cocoa subsector, a major part of Ghana's agriculture, contracted for a fourth consecutive quarter. Ghana’s cedi remained stable, trading at 15.7 per dollar, while bonds maturing in 2032 rose slightly.
Key Takeaways
Ghana’s faster-than-expected economic growth provides a boost to Vice President Mahamudu Bawumia’s presidential campaign ahead of the December 2024 election. Bawumia has pledged to maintain growth at 6% annually, focusing on agriculture, small businesses, and mining. However, public concerns over economic management and high living costs remain a challenge for the ruling party. Ghana continues its recovery from a debt restructuring, underpinned by an IMF program that includes austerity measures.
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