- Ghana's economy grows 4.7% in Q1 2024.
- GDP growth projection revised to 3.1%.
- Agriculture & services sectors see positive growth.
- Industry sector recovers with 6.8% growth.
The Bank of Ghana (BoG) has released its latest Monetary Policy Report, revealing a stronger-than-expected growth in Ghana’s economy for the first quarter of 2024.
The report shows a significant increase in GDP, rising by 4.7 percent, outpacing the 3.1 percent growth recorded in the same period last year.
This upward trend has led to a revision of the overall GDP growth projection for 2024, from 2.8 percent to 3.1 percent.
The agriculture sector also experienced positive growth, with a 4.1 percent increase, contributing to the overall economic expansion.
Similarly, the services sector saw a 3.3 percent growth, further bolstering the economy.
Recent indicators suggest a positive outlook for economic activity moving forward, according to the report.
A significant growth in passenger arrivals was recorded, with a 12.7 percent year-on-year increase, reaching 98,205 in May 2024.
Ghana’s ports also saw improved international trade activity, with laden container traffic at Tema and Takoradi harbours increasing by 9.4 percent year-on-year.
The growth was primarily driven by a robust recovery in the industry sector, which expanded by 6.8 percent after a 1.4 percent contraction in the same period last year.
The Bank of Ghana’s report highlights a promising start to 2024, with key sectors experiencing significant growth and a positive outlook for the rest of the year.
