Ghana’s economy in the third quarter this year provisionally grew by 7.2 per cent, the highest quarter-on-quarter growth rate since 2019.
Growth rate in the second quarter 2019 stood at 9.1 per cent.
Without oil the economy in the third quarter grew provisionally at 7.7 per cent.
The value of the Ghanaian economy in the third quarter at constant prices stood at GH¢48.2 billion and non-oil at GH¢45.5 billion.
Professor Samuel K. Annim briefing the media Photo: Seth
At current prices the value of the country’s economy stood at GH¢270.1 billion and non-oil at GH¢254 billion.
Addressing a news conference in Accra yesterday on the Ghana 2024 Third Quarter Gross Domestic Product Estimates, the Government Statistician, Professor Samuel K. Annim said the third quarter 2024 growth was driven by industry.
Industry in the third quarter 2024 grew by 10.4 per cent from 9.4 per cent the previous quarter.
Prof. Annim explained that industry’s growth was driven by mining and quarrying which grew year-on-year by 17.1 per cent.
“The mining and quarrying sector has been recording steady growth from 8.3 per cent in the fourth quarter 2023, 12.9 in first quarter 2024 and 14.8 per second quarter this year,” Prof. Annim stated.
“The growth in mining and quarrying is driven by gold which recorded a growth rate of 34.0 per cent in the third quarter from 24.9 per cent in the previous quarter,” Prof. Annim stated.
He said the construction sector grew by 10.3 per cent and electricity at 3.8 per cent and oil and gas sector contracted by 0.6 per cent, a reversal of the 14.6 and 13.8 per cent growth rate recorded in the second and first quarters 2024 respectively.
The Government Statistician said growth rate in water and sewerage fell by 3.0 per cent.
Prof. Annim said the services sector grew by 6.4 per cent in the third quarter this year from 5.7 per cent in the second quarter.
The services sector growth was influenced by information and communication which grew by 17.1 per cent in the period under review and financial and insurance services at 7.8 per cent.
However, the Government Statistician said other personal service activities which contracted by 3.4 per cent dragged the growth of the services sector.
Prof. Annim said agriculture contracted in the third quarter 2024.
He said the growth of the sector fell to 3.2 per cent in the third quarter 2024 from 6.0 per cent in the previous quarter.
Prof. Annim said the crop sector which grew by 5.9 per cent drove the agriculture growth rate.
He said the livestock sector grew by 4.8 per cent in the third quarter, while cocoa and fishing growth rates fell by 26.0 and 21.7 per cent respectively.
The Government Statistician said cocoa had contracted for the fifth consecutive time from 0.4 per cent from third quarter 2023 to third quarter 2024.
BY KINGSLEY ASARE
