{"id":264808,"date":"2024-12-13T08:39:19","date_gmt":"2024-12-13T08:39:19","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/13\/ghanas-economic-resurgence-underscores-unwavering-commitment-to-inclusive-growth-govt\/"},"modified":"2024-12-13T08:39:19","modified_gmt":"2024-12-13T08:39:19","slug":"ghanas-economic-resurgence-underscores-unwavering-commitment-to-inclusive-growth-govt","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/13\/ghanas-economic-resurgence-underscores-unwavering-commitment-to-inclusive-growth-govt\/","title":{"rendered":"Ghana\u2019s economic resurgence underscores unwavering commitment to inclusive growth \u2013 Govt"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The Finance Ministry gas said that Ghana\u2019s economic resurgence underscores its unwavering commitment to fiscal consolidation, debt restructuring, and inclusive growth.<\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The Ministry said this performance not only highlights the country\u2019s resilience but also its ability to lead the charge in economic recovery across the region.<\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Ghana\u2019s economy continues to exceed expectations, defying challenges and solidifying its position as one of the most dynamic economies in the Africa region. Data released by the Ghana Statistical Service (GSS) underscores the country\u2019s remarkable economic performance during the third quarter of 2024.<\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\"><strong>Stellar GDP Growth Figures<\/strong><\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">For the first three quarters of 2024 Ghana recorded an impressive average real GDP growth rate of 6.3%, a significant leap from the 2.6% recorded during the same period in 2023. This growth was fueled by quarterly expansions of 4.8% in Q1, 7.0% in Q2, and an outstanding 7.2% in Q3\u2014the highest quarterly GDP growth in the last five years.<\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\"><strong>Non-Oil Sector Growth<\/strong><\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The non-oil sector has been equally robust, posting an average growth rate of 6.2% for the first three quarters of 2024, compared to 2.6% in the same period last year. Quarterly growth figures for the non-oil economy were 4.3% in Q1, 6.6% in Q2, and 7.7% in Q3.<\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\"><strong>Surpassing Expectations<\/strong><\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Given this stellar performance, Ghana is on track to exceed the recently revised GDP growth projection of 4% for 2024 under the 3rd Review of the IMF-supported Programme. Ghana\u2019s post-debt restructuring growth defies global trends, where such economies typically grow at a modest 1-2%.<\/span><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\"><strong>Sector Highlights<\/strong><\/span><\/p>\n<p><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Industry Sector<\/span><\/em><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The Industry sector led the way with an average growth of 8.9% for the first three quarters, driven by:<\/span><\/p>\n<ul>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Mining and Quarrying<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 15.0% growth (Q1: 12.9%, Q2: 14.8%, Q3: 17.1%);<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Construction<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 9.0% growth (Q1: 8.2%, Q2: 8.4%, Q3: 10.3%);<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Oil &amp; Gas<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 8.6% growth (Q1: 13.8%, Q2: 14.6%, Q3: \u22120.6%); and<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Manufacturing<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 3.1% growth (Q1: 2.0%, Q2: 4.2%, Q3: 3.4%).<\/span>\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/li>\n<\/ul>\n<p><strong><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Services Sector<\/span><\/strong><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The Services sector expanded by 5.0%, buoyed by:<\/span><\/p>\n<ul>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Information &amp; Communication<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 15.9% growth (Q1: 17.9%, Q2: 12.6%, Q3: 17.1%);<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Financial &amp; Insurance Activities<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 6.9% growth (Q1: 5.5%, Q2: 7.6%, Q3: 7.8%);<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Accommodation &amp; Food Services<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 5.7% growth (Q1: 7.9%, Q2: 3.2%, Q3: 1.7%); and<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Transport &amp; Storage<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 3.8% growth (Q1: 3.3%, Q2: 3.6%, Q3: 4.4%).<\/span><\/li>\n<\/ul>\n<p><strong><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Agriculture Sector<\/span><\/strong><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The Agriculture sector grew by 4.6%, with key contributions from<\/span><\/p>\n<ul>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Crops Sub-sector<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">: 4.6% growth (Q1: 5.0%, Q2: 7.2%, Q3: 5.9%); and<\/span><\/li>\n<li><em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Livestock Sub-sector<\/span><\/em><span lang=\"EN-GB\" xml:lang=\"EN-GB\">:  4.7% growth (Q1: 4.6%, Q2: 4.7%, Q3: 4.8%).<\/span>  <\/li>\n<\/ul>\n<p><strong><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Sustaining Growth Momentum<\/span><\/strong><\/p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The remarkable growth trajectory could be sustained through strategic government growth-oriented initiatives aimed at enhancing economic resilience and improving the living standards of all Ghanaians, including programmes such as:<\/span><\/p>\n<ul>\n<li>\u200b\u200b\u200b\u200b\u200b\u200b\u200b<span lang=\"EN-GB\" xml:lang=\"EN-GB\">Planting for Food and Jobs Phase 2 Programme;<\/span><\/li>\n<li><span lang=\"EN-GB\" xml:lang=\"EN-GB\">SME Growth and Opportunity Programme;<\/span><\/li>\n<li><span lang=\"EN-GB\" xml:lang=\"EN-GB\">One District, One Factory Programme;<\/span><\/li>\n<li><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Economic Enclave Programme; and\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<li><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Ghana CARES Programme<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Ministry gas said that Ghana\u2019s economic resurgence underscores its unwavering commitment to fiscal consolidation, debt restructuring, and inclusive growth. The Ministry said this performance not only highlights the country\u2019s resilience but also its ability to lead the charge in economic recovery across the region. Ghana\u2019s economy continues to exceed expectations, defying challenges and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":240487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-264808","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana\u2019s economic resurgence underscores unwavering commitment to inclusive growth \u2013 Govt - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/13\/ghanas-economic-resurgence-underscores-unwavering-commitment-to-inclusive-growth-govt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana\u2019s economic resurgence underscores unwavering commitment to inclusive growth \u2013 Govt - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Finance Ministry gas said that Ghana\u2019s economic resurgence underscores its unwavering commitment to fiscal consolidation, debt restructuring, and inclusive growth. 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