Ghana’s economy expands by 4.7% in 2024 Q1

Ghana’s Gross Domestic Product (GDP) in volume terms was estimated to have increased by 4.7 % in quarter 1 (January to March) of 2024 compared to the same period in 2023, the Ghana Statistical Service (GSS) has announced.

When seasonally adjusted, Ghana real GDP increased to 1.2% in quarter one (January to March) of 2024; a 0.2 percentage point higher than what was recorded in quarter four (October to December) of 2023.

The drivers of growth in Quarter 1 2024 are: Mining & Quarrying (12.9%) and contributed 1.48% to the overall growth;  Information & Communication (17.9%) and contributed 1.01% to the overall growth; Crops (4.3%) and contributed 0.74% to growth; Construction (8.2%) with a contribution of 0.51%; and Accommodation and Food Service Activities (9.4%) with a contribution of 0.36%.

Five sub-sectors contracted in quarter four of 2023: Health (-8.8%); Electricity (-7.5%); Public Administration (-5.3%); Education (-4.9%); Other Personal Service Activities (-2.9%); and Forestry & Logging (-1.2%).

Gross Domestic Product (GDP) growth is the main indicator of economic performance. There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.

Please read the full report here