Ghana’s economy has posted a stronger-than-expected growth in the first quarter of 2024, according to the latest Monetary Policy Report released by the Bank of Ghana (BoG). The country’s Gross Domestic Product (GDP) increased by 4.7 percent, surpassing the 3.1 percent growth recorded in the same period last year.
The report attributes the robust growth to a significant recovery in the industry sector, which expanded by 6.8 percent, a notable improvement from the 1.4 percent contraction in Q1 2023. The agriculture and services sectors also saw positive growth, with increases of 4.1 percent and 3.3 percent, respectively.
The BoG has revised upward its overall GDP growth projection for 2024 to 3.1 percent, from an earlier estimate of 2.8 percent. Recent indicators suggest a positive outlook for economic activity moving forward.
Additionally, the report highlights significant growth in passenger arrivals and port activities in 2024. Passenger arrivals rose by 12.7 percent year-on-year, reaching 98,205 in May 2024, while laden container traffic at Tema and Takoradi harbours increased by 9.4 percent year-on-year.
The cumulative container traffic for the first five months of 2024 grew by 14.2 percent, reaching 284,745 containers. This uptick in international trade activity is expected to further boost Ghana’s economic growth prospects.
The BoG’s report suggests that Ghana’s economy is on a positive trajectory, with key sectors driving growth and indicators pointing to a strong outlook for the remainder of 2024.
Ruth Abla ADJORLOLO
