Ghana’s Economy Soars: 4.7% Growth in Q1 2024 Ghana’s economy has registered impressive growth in the first quarter of 2024, expanding by 4.7%. This surge marks a significant recovery from the challenges posed by the COVID-19 pandemic and signals a positive outlook for the country’s economic future. The expansion was driven by strong performance in several key sectors. The mining and quarrying sector rebounded, growing by 12.1% year-on-year. This growth was spurred by the surge in global demand for gold, Ghana’s primary mineral export. The manufacturing sector also contributed to the growth, increasing output by 6.5%. This was supported by government policies aimed at boosting domestic production and reducing reliance on imports. Agriculture, the mainstay of Ghana’s economy, experienced modest growth of 2.3%. Despite unfavorable weather conditions that affected crop production, growth was driven by increased livestock production and improved cocoa output. The services sector, which includes tourism and financial services, grew by 4.1%, reflecting the gradual recovery of economic activity and the lifting of COVID-19 containment measures. This robust economic growth has had a positive impact on employment levels. The unemployment rate has declined slightly to 12.3%, signaling a gradual improvement in the labor market. Inflation remains under control, with the consumer price index increasing by 11.6% in March 2024. The Bank of Ghana has maintained its prudent monetary policy to ensure price stability and support economic growth. The government has attributed the strong economic performance to its ongoing implementation of reforms under the Ghana CARES Program. These reforms aim to enhance productivity, promote private sector growth, and foster sustainable development. The government has also prioritized infrastructure development, including energy projects and transportation networks, to support economic activities. The positive economic outlook for Ghana is likely to continue in the coming quarters. The country is expected to benefit from the rising global demand for its commodities, including gold and cocoa. The government’s ongoing reform agenda and commitment to prudent economic management will further contribute to sustained growth.Ghana’s GDP Grows by 4.7% in Q1 2024Ghana’s GDP Grows by 4.7% in Q1 2024 The Ghana Statistical Service (GSS) has reported that the country’s gross domestic product (GDP) expanded by an estimated 4.7% in the first quarter of 2024. This represents a 1.2% increase compared to the fourth quarter of 2023. The growth was primarily driven by sectors such as mining and quarrying (12.9%), information and communications (17.9%), crops (4.3%), construction (8.2%), and accommodation and food service activities (9.4%). However, certain subsectors experienced declines in the first quarter. These include health and social work (-8.8%), electricity (-7.5%), public administration, defense, and social security (-5.3%), education (-4.9%), other personal service activities (-2.9%), and forestry and logging (-1.2%). Despite these contractions, Ghana’s overall economic growth in Q1 2024 remains positive. The GSS attributes this growth to increased activity in the mining, construction, and service sectors. Disclaimer: The views and opinions expressed by readers and contributors do not necessarily reflect the policies or views of Multimedia Group Limited.Ghana’s economy grew by 4.7% in the first quarter of 2024, marking a steady recovery from the global pandemic. The growth was driven by strong performances in the services and industrial sectors. The services sector grew by 5.1%, supported by increased activity in tourism, hospitality, and financial services. The industrial sector grew by 4.2%, led by a surge in manufacturing and construction. Agriculture, which is a key sector for Ghana’s economy, grew by 3.5%. This growth was attributed to favorable weather conditions and increased government support for farmers. The strong economic growth has led to a decline in unemployment and an increase in consumer spending. The government is optimistic that the positive trend will continue in the coming quarters. However, challenges remain, including high inflation, rising interest rates, and global economic uncertainties. The government has implemented measures to address these challenges and ensure sustainable economic growth.