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Ghana’s Economy Grew by 4.7% in First Quarter of 2024

Ghana's economy grew by 4.7% in the first quarter of this year, with some sectors posting impressive growth while others recorded negative growth.

Ghana’s economy saw a notable growth of 4.7% in the first quarter of 2024 compared to the same period last year, according to the latest figures released by the Ghana Statistical Service. This Gross Domestic Product (GDP growth also represents a 1.2% rise from the fourth quarter of 2023.

Several sectors were key drivers of this growth. The Mining & Quarrying sector grew by 12.9%, Information & Communication by 17.9%, Crops by 4.3%, Construction by 8.2%, and Accommodation and Food Service Activities by 9.4%.

However, some sectors recorded negative growth. They are the Health and Social Work sector which contracted by 8.8%, Electricity by 7.5%, Public Administration, Defense, and Social Security by 5.3%, Education by 4.9%, Other Personal Service Activities by 2.9%, and Forestry & Logging by 1.2%.

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The Services sector remains the largest contributor to Ghana’s economy in the first quarter of the year, accounting for 45.6% of GDP. The Industry and Agriculture sectors make up 30.6% and 23.8% of GDP, respectively.

Compared to the first quarter of last year, the Agriculture sector grew by 4.1%, the industry sector saw a growth of 6.8%, and the Services sector grew by 3.3%. In terms of quarter-on-quarter growth for these sectors was 1.1% for Agriculture, 1.8% for Industry, and 0.9% for Services.

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These figures highlight the mixed performance across different sectors of the Ghanaian economy, with significant contributions from Mining & Quarrying, Information & Communication, and Construction, while sectors such as Health and Social Work and Electricity faced challenges.

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