The government has stated that the third quarter (Q3) GDP growth estimates demonstrate its unwavering commitment to fiscal consolidation, debt restructuring, and inclusive growth.

This was contained in a statement issued by the Finance Ministry on December 12, 2024, following the 7.2 per cent growth recorded for the third quarter of this year.

The ministry argued that the performance not only highlights the country’s economic resilience but also demonstrates Ghana’s ability to lead the charge in economic recovery across the region.

“The country’s post-debt restructuring growth defies global trends, where such economies typically grow at a modest 1-2 per cent”, the ministry said.

IMF programme expectations and growth numbers

The ministry further argued that based on the strong growth numbers for the third quarter of 2024, Ghana is on track to exceed the recently revised GDP growth projection of 4 per cent for 2024 under the 3rd Review of the IMF-supported Programme.

The development, the Finance Ministry maintained exceeded expectations defying challenges and solidifying the government’s position that Ghana is one of the most dynamic economies in the Africa region.

Background

Ghana’s economy grew by 7.2 per cent for the third quarter of 2024, according to data released by the Ghana Statistical Service.

The third quarter GDP growth estimates, according to the statistical service were influenced by a strong pick up in the Mining and Quarrying sub-sectors, Information and Communication, Crops, Construction, and Manufacturing.

Industry recorded the highest growth of 10.4 per cent, followed by the Services sector at 6.4 per cent and the Agric sector recorded 3.2 per cent for the third quarter of 2024.

The Services sector continues to be the largest sector of the Ghanaian economy in 2024 Q3 with a share of 42.9 percent of GDP. The GDP shares of Industry and Agriculture were 32.6 per cent and 24.5 per cent, respectively.

Sustaining the growth momentum

According to the government, the record growth could be sustained through strategic growth-oriented initiatives aimed at enhancing economic resilience.

It added that the government is committed to working to improve the living standards of all Ghanaians through programmes like Planting for Food and Jobs Phase 2; SME Growth and Opportunity Programme, One District, One Factory Programme; Economic Enclave Programme; and Ghana CARES Programme.