The Ministry of Finance (MoF) says the country’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring. According to the latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
In a statement on Thursday, September 19, the MoF highlighted, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
The Ministry stated that the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
The MoF further noted, “It is instructive to note that the 5.8% overall growth for the first half of 2024 is significantly higher than the 1.5% growth target for 2024, which was later revised to 3.1% during the 2024 Mid-Year Review of Fiscal Policy presented in Parliament in July 2024.” The Ministry also underscored that all three sectors of the economy—Agriculture, Industry, and Services—contributed to the robust growth recorded in the first half of 2024.
