Ghana's Economic Revival: A Promising Path to Recovery

Ghana's economic growth surged in the third quarter of 2024, marking a significant recovery from its recent economic crisis. The GDP grew by 7.2% year-on-year, driven by the industrial sector. However, challenges remain with the cocoa sector contracting and concerns over inflation and debt sustainability.

In a significant stride towards recovery, Ghana's economy accelerated in the third quarter of 2024, signifying a departure from its recent economic turmoil. Data from the national statistics agency revealed a GDP growth of 7.2% year-on-year, the highest since mid-2019.

This economic uplift comes as the country anticipates new leadership, with John Dramani Mahama, former president and opposition leader, set to assume office on January 7. Revised figures also indicated that the second quarter growth was 7.0%, showcasing an upward trajectory.

The industrial sector, buoyed by mining and quarrying, led the expansion at 10.4%; yet, not all sectors flourished. The pivotal cocoa sector saw its output drop for the fifth quarter in a row by 26%, highlighting the challenges that persist despite the cedi's strengthening amidst concerns over inflation and debt stability.

(With inputs from agencies.)