Ghana’s Economy Surges with 4.7% Growth in First Quarter of 2024 Ghana has witnessed a remarkable surge in its economy, registering a robust growth rate of 4.7% in the first quarter of 2024. This significant uptick marks an encouraging trend that signals continued economic recovery and resilience. The growth was driven by several sectors, including: * Agriculture: Strong agricultural production, particularly in cocoa, contributed significantly to economic expansion. * Services: The services sector, which includes tourism, finance, and telecommunications, witnessed notable growth. * Industry: Manufacturing and construction sectors also contributed to the overall growth. The government’s prudent economic policies, coupled with favorable external conditions, have played a crucial role in fostering this economic growth. These policies include: * Fiscal discipline: Implementing measures to reduce government spending and control inflation. * Monetary policy: Maintaining a stable macroeconomic environment and managing inflation. * Investment in infrastructure: Prioritizing development in key sectors such as transportation, energy, and water resources. Ghana’s economic growth is expected to continue in the coming quarters, supported by continued fiscal prudence, increased investment, and a favorable global economic outlook. The government is optimistic that the economy will attain its growth target of 5.2% for the full year of 2024. This economic growth has had a positive impact on the lives of Ghanaians. It has led to increased job creation, higher incomes, and improved living standards. The government is committed to sustaining this growth and ensuring that its benefits reach all citizens.Ghana’s GDP Grows by 4.7 Percent in Q1 2024Ghana’s GDP Grows by 4.7 Percent in Q1 2024 The Ghana Statistical Service (GSS) has reported a 4.7 percent growth in the country’s gross domestic product (GDP) for the first quarter of 2024. This represents a 1.2 percent increase compared to the fourth quarter of 2023. The growth was driven by several sectors, including mining and quarries (12.9 percent), information and communications (17.9 percent), crops (4.3 percent), construction (8.2 percent), and accommodation and food service activities (9.4 percent). However, some subsectors experienced contractions, including health and social work (-8.8 percent), electricity (-7.5 percent), public administration, defense, and social security (-5.3 percent), education (-4.9 percent), other personal service activities (-2.9 percent), and forestry and logging (-1.2 percent). Disclaimer: The views expressed in this article do not necessarily reflect the official stance of Multimedia Group Limited.Ghana’s economy has grown by 4.7 percent in the first quarter of 2024, according to the Ghana Statistical Service (GSS). The growth was driven by strong performance in the services sector, which grew by 5.2 percent, and the industrial sector, which grew by 4.3 percent. The agricultural sector grew by a modest 2.1 percent. The growth in the services sector was led by the wholesale and retail trade, transportation and storage, and information and communication sub-sectors. The growth in the industrial sector was led by the manufacturing and construction sub-sectors. The growth in the economy is a positive sign for Ghana, which has been struggling with economic challenges in recent years. The government has taken a number of steps to improve the economy, including implementing a number of fiscal and monetary measures. The government’s policies are beginning to bear fruit, and the economy is now on a path to sustained growth. The growth in the economy is expected to continue in the coming quarters, as the government continues to implement its economic policies.