Josiah
The Ministry of Finance (MoF) has reported that Ghana’s Gross Domestic Product (GDP) shows signs of a strong economic recovery despite global challenges and ongoing debt restructuring efforts.
According to the latest figures from the Ghana Statistical Service (GSS), the country’s economic growth in the second quarter (Q2) of 2024 reached 6.9%, up from 4.7% in the first quarter. In a statement issued on Thursday, September 19, the MoF attributed this recovery to government interventions under the IMF-supported Post-Covid-19 Programme for Economic Growth (PC-PEG).
“The economy’s robust recovery reflects the macroeconomic stability and growth measures being implemented,” the Ministry stated. The overall real GDP growth for the first half of 2024 averaged 5.8%, significantly higher than the 2.9% recorded during the same period in 2023.
The MoF noted, “The 2024 first-half growth of 5.8% is driven by a 4.8% expansion in Q1 and 6.9% in Q2—the highest quarterly GDP growth recorded in the past five years.” Non-oil GDP growth for the first half of 2024 was equally strong, with a growth rate of 5.6%, compared to 3.8% in the first half of 2023.
The Ministry also highlighted that the 5.8% growth for the first half of 2024 exceeds the initial growth target of 1.5%, which was later revised to 3.1% during the 2024 Mid-Year Fiscal Policy Review.
The statement further compared Ghana’s performance to countries that have undergone similar debt restructuring programs, noting that Ghana’s growth far surpasses the 1%-2% average real GDP growth recorded by Jamaica following its debt restructuring.
All three major sectors—Agriculture, Industry, and Services—contributed significantly to the strong growth recorded in the first half of 2024, according to the MoF.
Source:Omanghana.com
