Ghana's economy grows by 7.2% in third quarter of 2024

Ghana's economy quickened in the third quarter in a further sign of the West African country's ongoing economic recovery. Ghana's economic growth quickened in the third quarter in a further sign of the West African country's ongoing recovery from its worst economic crisis in a generation, statistics agency data showed on Wednesday. Gross domestic product grew by 7.2% year-on-year in the third quarter of 2024, the most since the second quarter of 2019, the data showed. The positive economic momentum comes as a new president and government prepare to take office on January 7 after ex-president and main opposition leader John Dramani Mahama won Saturday's election. Growth in the second quarter of 2024 was revised to 7.0% from 6.9%, the agency said. Cocoa sector contracts Ghana's industrial sector, largely driven by mining and quarrying, grew by 10.4%, while the services sector expanded by 6.4% and the agricultural sector by 3.2%. The cocoa sector in the world's second biggest producer, however, contracted for the fifth consecutive quarter by 26%, the data showed. Ghana defaulted on most of its external debt in 2022, leading to a painful restructuring. Its cedi currency has been strengthening, but high inflation and government debt sustainability remain a concern for investors. ➤ Click here to follow our WhatsApp channel for more stories.