Ghana’s economy has crossed the GH₵1 trillion mark according to provisional data from the Ghana Statistical Service (GSS). Driven by an overall GDP growth rate of 5.7%, despite a sharp slowdown in the final quarter of the year, Ghana’s 2024 GDP at current prices is now valued at GH₵1,176,219.9 million (GH₵1.18 trillion)
While the annual growth rate of 5.7% signals strong performance, the economy lost momentum in the last quarter, with Q4 GDP growth slowing to 3.6%, the lowest in 2024.
Ghana’s GDP growth had accelerated through the first three quarters, rising from 5.1% in Q1 to 7.5% in Q2, before slightly declining to 7.2% in Q3. However, the sharp drop in Q4 growth to 3.6% raises concerns about the sustainability of Ghana’s economic expansion heading into 2025.
On a quarter-on-quarter basis, economic activity expanded by just 0.9% in Q4, marking the lowest growth in five quarters.
The services sector remained Ghana’s largest economic driver, accounting for 47% of GDP in 2024. It recorded a strong 6.3% growth rate in Q4, driven by the information and communication sub-sector, which expanded by 14.9%.
The industry sector, making up 30.8% of GDP, was the weakest performer, growing by just 0.2% in Q4. This was due to declines in mining and quarrying (-8.2%) and oil and gas (-8.7%), which erased the sector’s earlier gains.
One bright spot in the industry sector was construction, which recorded 10.7% growth in Q4—its fourth consecutive quarter of expansion after a difficult 2023.
The agriculture sector, which contributed 22.2% to GDP, saw modest growth of 2.9% in Q4, largely supported by fishing (+9.2%). However, cocoa’s sustained downturn (-21.4% in Q4, -22.4% annually) remains a major concern for the sector.
Despite the economy’s record valuation of GH₵1.2 trillion, key sub-sectors faced significant setbacks.
Gold production, which surged 42.9% in Q2 and 44.4% in Q3, saw a sharp reversal in Q4, contracting by -8.4%.
Additionally, Cocoa production, a key foreign exchange earner, recorded its sixth consecutive quarterly decline (-21.4% in Q4), resulting in a full-year contraction of -22.4%—the worst in recent history.
Forestry and logging also remained in decline, contracting by -5.3% in Q4 and -22.4% for the year.
Although services and construction continue to perform well, the declining contributions from cocoa, gold, and oil pose risks to long-term growth sustainability.
