The Ghana Statistical Service (GSS) has announced that the country’s gross domestic product (GDP) is estimated to have increased by 4.7 percent in the first quarter (January to March) of 2024. Compared to the fourth quarter (October to December 2023) last year, the economy grew by 1.2 percent.

The drivers of the growth in the first quarter of 2024, according to the GSS were mining and quarrying, which contributed 12.9 percent, information and communication 17.9 percent, crops 4.3 percent, construction 8.2 percent, and accommodation and food service activities 9.4 percent.

The contracting sub-sectors in quarter 1 of 2024 were health and social work -8.8 percent, electricity -7.5 percent, public administration, defense and social security -5.3 percent, education -4.9, other personal service activities -2.9 percent, and forestry &logging -1.2 percent.

Contributions by sectors

The Services sector continued to be the largest sector of the Ghanaian economy in Q1 2024 with a
share of 45.6 percent of GDP at basic prices.

The GDP share of Industry and Agriculture were 30.6 percent and 23.8 percent, respectively.

Compared to the same quarter last year, growth in Agriculture was 4.1 percent in Q1 2024. In the
Industry sector growth was 6.8 percent compared to Q1 2023, and in the Services sector, growth was 3.3
percent. Quarter-on-quarter growth was 1.1 percent, 1.8 percent, and 0.9 percent, respectively.

Within the Agriculture sector, Crops grew the fastest both year-on-year (4.3%) and quarter-on-quarter seasonally adjusted (1.2%), compared to Forestry & Logging which had a growth rate of -1.2
percent year-on-year and -0.3 percent quarter-on-quarter seasonally adjusted. Crops accounts for
89.5 percent and 79.9 percent of Agriculture’s total nominal GDP and real GDP respectively.

Within the Industry sector, Mining & Quarrying grew the fastest (12.9%) year-on-year and 3.0 percent
quarter-on-quarter seasonally adjusted, compared to Electricity which had a growth rate of -7.5 percent
year-on-year and -2.2 percent quarter-on-quarter seasonally adjusted. Mining & Quarrying accounts for
38.6 percent and 38.1 percent of Industry’s total nominal GDP and real GDP respectively.

Within the Services sector, Information & Communication grew the fastest (17.9%) year-on-year
and 4.2 percent quarter-on-quarter seasonally adjusted, compared to Health & Social Work which
had a growth rate of -8.8 percent year-on-year and -2.1 percent quarter-on-quarter seasonally
adjusted. Information & Communication Activities accounts for 7.7 percent and 14.9 percent of
Services’ total nominal and real GDP.