Ghana’s economy, including Oil and Gas, provisionally grew by 5.7 per cent in 2024, compared to 3.1 per cent (revised) in the previous year.
Excluding Oil and Gas, the economy expanded by 6.0 per cent an increase from the 3.6 per cent recorded in 2023.
At constant prices, the value of the Ghanaian economy, including Oil and Gas, stood at GH¢198 billion, while the value without Oil and Gas was GH¢187 billion.
At current prices, the economy’s value with Oil and Gas was estimated at GH¢1.2 trillion, and without Oil and Gas at GH¢1.1 trillion.
Speaking at a news conference to release the provisional 2024 fourth quarter and annual Gross Domestic Product (GDP) growth estimates, the Government Statistician, Prof. Samuel K. Annim, said the 2024 annual growth rate was driven by the industry sector, which grew by 7.1 per cent.
He explained that the industry sector, at basic prices, contributed 30.8 per cent of the country’s GDP, valued at GH¢338.8 billion.
Prof. Annim said the services sector grew by 5.9 per cent year-on-year, indicating that the growth was driven by information and communication which grew by 15.8 per cent.
Transport and storage, he said grew by 5.8 per cent and accommodation and food services at 4.8 per cent.
However, other personal service activities contracted by 2.1 per cent during the year.
Prof. Annim said the e services sector contributed 47.0 per cent to the country’s GDP, valued at GH¢515.9 billion.
He said the agriculture sector grew by 2.8 per cent, driven by livestock – 3.5 per cent, crops – 3.2 per cent.
However, the Government Statistician said forestry and logging contracted by 5.8 per cent while the cocoa sub-sector shrank by 22.4 per cent.
He said the agriculture sector contributed 22.2 per cent to GDP at basic prices, valued at GH¢243.7 billion.
Prof. Annim noted that growth in the industry sector was supported by the construction sector which expanded by 9.6 per cent.
He said mining and quarrying which recorded 9.4 per cent growth was influenced by higher gold production.
The Government Statistician said the water and sewerage sub-sector contracted by 0.9 per cent, dragging down overall industry growth.
On the 2024 fourth quarter performance, Prof. Annim stated that the economy, including Oil and Gas, grew by 3.6 per cent while growth without Oil and Gas stood at 4.4 per cent.
“In the fourth quarter of 2024, the GDP at constant prices, including Oil and Gas, was valued at GH¢53 billion, compared to GH¢51 billion in the same period last year,” he said.
From a non-Oil and Gas perspective, the value of GDP at constant prices stood at GH¢50 billion.
Prof. Annim said the fourth quarter growth was driven by services which grew by 1.6 per cent, industry – 0.8 per cent and agriculture at 0.1 per cent.
BY KINGSLEY ASARE