Accra: Ghana's economy grew by 5.7 per cent in 2024, but Q4 growth slowed to 3.6 per cent, down from 7.2 per cent in the third quarter. The slowdown in the fourth quarter was largely driven by weaker growth in the Industry sector, which increased by just 0.2 per cent.
According to Ghana News Agency, a significant factor was the sharp contraction in mining and quarrying, which accounted for about 43 per cent of the Industry sector's total value. Despite the slowdown in Industry, the Services sector remained the largest contributor to GDP, representing 49.2 per cent of total output, followed by Industry at 31.9 per cent and Agriculture at 19.0 per cent.
At constant 2013 prices, Ghana's oil GDP for the fourth quarter of 2024 stood at GH?53,137.0 million, while non-oil GDP was GH?50,262.5 million. In nominal terms, GDP at basic prices reached GH?308,086.5 million.