(Ecofin Agency) – The robust growth recorded between 1er April and June 30 of the current year is mainly explained by the solid performance of the extractive sector.
Ghana’s economic growth surged to 6.9 percent year-on-year in the second quarter of 2024 from 4.7 percent in the previous quarter, reaching a five-year high, according to data released by the National Statistical Service (GSS) on Wednesday, September 18, 2024.
” The 6.9% growth rate is the highest since the second quarter of 2019, and it was largely driven by a strong expansion in the extractive sector, just as we saw in the second quarter of 2019. ” said government statistician Samuel Kobina Annim.
The acceleration of growth recorded between April 1 and June 30 of the current year is mainly explained by the good performances of the industrial sector which grew by 9.3%, driven by the mining and quarrying sub-sector, and the gold sector, which recorded growth of 23.6%. The services and agriculture sectors grew by 5.8% and 5.4% respectively during the period under review.
The rebound in economic activity is a new boost for the West African country which is on the verge of completing the process of restoring its debt under the G20 Common Framework.
As a reminder, Accra, which had already concluded an agreement with its official creditors last January on the restructuring of 5.4 billion dollars of debt, launched at the end of last August a 13 billion dollar eurobond exchange program, which must be closed on September 30.
Read also:
25/07/2024 – Ghana raises its growth forecast for 2024 to 3.1%
06/28/2024 – Ghana: robust growth expected in 2024 and 2025 (Fitch Solutions)
06/18/2024 – Ghana: Economic growth rebounded in the first quarter of 2024 to 4.7%
08/23/2024 – Ghana: a eurobond exchange program to reprofile its debt
07/08/2024 – Ghana: Debt restructuring agreement approved by official creditors
