The Ministry of Finance has stated that Ghana is on course to surpass the International Monetary Fund's (IMF) 2024 GDP growth projection of 4%.

The Ministry in a statement noted that the country continues to exceed expectations, defying challenges and solidifying its position as one of the most dynamic economies in the Africa region due to remarkable economic performance during the third quarter of 2024.

For the first three quarters of 2024, Ghana recorded an impressive average real GDP growth rate of 6.3%, a significant leap from the 2.6% recorded during the same period in 2023, according to the Ghana Statistical Service (GSS).

This growth was fueled by quarterly expansions of 4.8% in Q1, 7.0% in Q2, and an outstanding 7.2% in Q3—the highest quarterly GDP growth in the last five years. The non-oil sector has been equally robust, posting an average growth rate of 6.2% for the first three quarters of 2024, compared to 2.6% in the same period last year. Quarterly growth figures for the non-oil economy were 4.3% in Q1, 6.6% in Q2, and 7.7% in Q3.

Given this stellar performance, Ghana is on track to exceed the recently revised GDP growth projection of 4% for 2024 under the 3rd Review of the IMF-supported Programme. Ghana’s post-debt restructuring growth defies global trends, where such economies typically grow at a modest 1-2%.

The Industry sector led the way with an average growth of 8.9% for the first three quarters, driven by strong performances in key sub-sectors. Mining and Quarrying recorded 15.0% growth while Construction expanded by 9.0% . The Oil and Gas sector saw an average growth of 8.6%, and Manufacturing posted 3.1% growth.

The Services sector expanded by 5.0%, buoyed by key areas such as Information and Communication, which grew by 15.9%. Financial and Insurance Activities recorded growth of 6.9%, while Accommodation and Food Services grew by 5.7%. Transport and Storage also contributed, recording growth of 3.8%.

The Agriculture sector grew by 4.6%, with significant contributions from the Crops sub-sector, which expanded by 4.6%. The livestock sub-sector recorded a steady growth rate of 4.7%.

The remarkable growth trajectory could be sustained through strategic government initiatives aimed at enhancing economic resilience and improving the living standards of all Ghanaians. Key programmes include the Planting for Food and Jobs Phase 2 Programme, SME Growth and Opportunity Programme, One District, One Factory Programme, Economic Enclave Programme, and the Ghana CARES Programme.

The International Monetary Fund (IMF) has revised Ghana’s growth rate for 2024 to 4% from 3%. Director of the African Department, Abebe Aemro Selassie, noted that the 3% projection, as captured in the World Economic Outlook, was based on mid-April 2024 data and did not factor in recent developments in Ghana.

Ghana’s economic resurgence underscores its unwavering commitment to fiscal consolidation, debt restructuring, and inclusive growth. This performance not only highlights the country’s resilience but also its ability to lead the charge in economic recovery across the region.