Ghana’s economy grew 7.2 percent year-on-year in the third quarter (July to September) of 2024, compared to 7.0 percent in the second quarter, the Ghana Statistical Service said on Wednesday.
It disclosed that Mining and Quarrying, Information and Communication, Crops, Construction, and Manufacturing were the main drivers of GDP growth in 2024 Q3, while Fishing, Water and Sewerage, and Other Personal Service Activities were the main sub-sectors that contracted in 2024 Q3.
These figures were disclosed by the Government Statistician, Prof. Samuel Annim, at a press conference in Accra.

Prof. Annim said the provisional quarterly real GDP growth rate, including oil and gas (overall GDP), was 7.2 percent (year-on-year) in 2024 Q3; in the same quarter in 2023, growth was 2.2 percent, while the real GDP growth rate without oil and gas (non-oil GDP) for 2024 Q3 was 7.7 percent, which compares to a growth rate of 2.4 percent in the same quarter last year.

He noted that the services sector continues to be the largest sector of the Ghanaian economy in 2024 Q3, with a share of 42.9 percent of GDP at basic prices.

The industry sector recorded the highest real GDP growth of 10.4 percent (year-on-year), followed by the services sector at 6.4 percent, whilst the agriculture sector recorded a growth rate of 3.2 percent. The seasonally adjusted GDP growth, where the industry sector recorded the highest growth of 2.5 percent, followed by the services sector at 1.5 percent, whilst the agriculture sector recorded a growth rate of 0.7 percent.
The breakdown of sector contributions to total year-on-year real GDP growth in percentage points (p.p.): the industry sector made the highest contribution with 3.4 p.p., followed by services with 2.8 p.p., and then agriculture with 0.6 p.p.
The Government Statistician disclosed further that the agriculture sub-sector that expanded the most was crops, and the sub-sector, which contracted the most, was fishing.

The crops expanded by 5.9 percent (year-on-year) and 1.3 percent (quarter-on-quarter seasonally adjusted) in 2024 Q3 compared to the fishing sub-sector, which had a growth rate of -21.7 percent (year-on-year) and -6.5 percent (quarter-on-quarter seasonally adjusted).
The sectoral shares of the 2024 Q3 GDP estimate (including oil) are services, which had 42.9 percent, representing GH₵106,280 million; agriculture, which had 24.5 percent, representing GH₵60,696 million; and industry, which had 32 percent, representing GH₵80,844 million.