Record Economic Growth as Ghana Bounces Back

Ghana's economy saw a significant boost in the second quarter of 2024, growing by 6.9% year-on-year—the fastest in five years. This growth was driven by the extractive sector, while the cocoa industry faced decline. The country is also looking to restructure its $13 billion international bonds.

Ghana's economy experienced a robust growth rate of 6.9% year-on-year in Q2 2024, marking its fastest expansion in five years, according to the country's statistics agency. This growth is attributed to substantial gains in key sectors like mining and quarrying.

"The 6.9% growth rate is the highest since Q2 2019, driven largely by strong expansion in the extractive sector," stated government statistician Samuel Kobina Annim. Industry grew 9.3%, led by a 23.6% rise in the gold sector. Meanwhile, services grew 5.8%, and agriculture increased by 5.4%.

Conversely, the cocoa sector contracted for the fourth consecutive quarter by 26.2% due to disease and adverse weather conditions. The economic rebound aids Ghana's debt restructuring efforts, inviting international bondholders to swap their $13 billion holdings for new instruments by Sept. 30, with an early consent fee offered before Sept. 20.

(With inputs from agencies.)