Mr. Richard Ahiagbah, the Director of Communications for the New Patriotic Party (NPP), has stated that the 6.9 percent growth of Ghana’s economy is a significant achievement deserving of celebration.
He believes this growth serves as a clear sign of the economy’s recovery.
The second quarter GDP grows at 6.9%, exceeding estimates by some 3.6 percentage points. Let’s celebrate this performance because it means the economy is coming back, and it’s good for Ghana. This, according to Bloomberg, is a 5-year high performance. Let’s cast politics aside and commend the government for this positive delivery, Bawumia can do.
In the second quarter of 2024, Ghana’s economy experienced its most rapid growth in five years, achieving a rate of 6.9 percent. The services sector remains the predominant sector of the economy, contributing 44.2 percent to GDP at basic prices during this period.
As reported by Government Statistician Professor Samuel Kobina Annim, the industrial sector accounted for 32.2 percent of GDP, while agriculture represented 23.6 percent.
Over the period we continue to see the expansion in information and communications which is one of the eleven sub-sectosr within the services sector. In the second quarter of 2024, we saw information and communications also expanding by 12.0 percent in the second quarter of 2024.
The industrial sector experienced an annual growth rate of 9.3 percent in the second quarter of 2024, following a 6.8 percent increase in the first quarter.
The agricultural sector saw its growth rate rise to 5.4 percent, whereas the services sector expanded by 5.8 percent. Nonetheless, the cocoa sub-sector remains in a state of contraction.
Cocoa which is a component of crops did not see expansion like the other crops within the crops sub-sector. In contrast, we saw a contraction in the cocoa sub-sector for second quarter of 2024.
