Ghana's Economy Booms Amid Sector Expansion

Ghana's economy experienced a significant growth of 7.2% in Q3 2024, driven by notable increases in the industrial, services, and agricultural sectors. Mining and quarrying led the industrial growth, while the cocoa sector faced declines, marking its fifth consecutive quarter of contraction.

In an impressive display of economic vitality, Ghana's economy surged by 7.2% in the third quarter of 2024, as reported by the country's statistics agency.

This growth trajectory is largely attributed to the industrial sector's notable 10.4% expansion, powered primarily by mining and quarrying activities. Simultaneously, the services sector saw a 6.4% increase, and the agricultural sector grew by 3.2%.

Despite the positive momentum across most sectors, the cocoa industry, a critical component of Ghana's economy and the second largest in global production, recorded a concerning 26% contraction, continuing a troubling trend of decline for the fifth consecutive quarter.

(With inputs from agencies.)