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0 Ghana’s economy grew at its fastest pace in five years in the second quarter at 6.9 percent. However, Cocoa sub-sector continues to dwindle.
Latest data from the Ghana Statistical Service indicates that the expansion was driven by the services sector, particularly information and communications, and the industry sector, led by mining and quarrying, as well as gold.
The services sector continues to be the largest sector of the economy in the second quarter of 2024 with a share of 44.2 percent of GDP at basic prices.
According to Government Statistician, Professor Samuel Kobina Annim, the GDP share of industry was 32.2 percent and agriculture was 23.6 percent.
“Over the period we continue to see the expansion in information and communications which is one of the eleven sub-sectosr within the services sector. In the second quarter of 2024, we saw information and communications also expanding by 12.0 percent in the second quarter of 2024”, Professor Annim noted.
The industrial sector grew by an annual rate of 9.3 percent in quarter 2 of 2024, after expanding 6.8 percent in the first quarter.
Growth in the agricultural sector accelerated to 5.4 percent, while the services sector grew by 5.8 percent.
However, the cocoa sub-sector continues to contract.
“Cocoa which is a component of crops did not see expansion like the other crops within the crops sub-sector. In contrast, we saw a contraction in the cocoa sub-sector for second quarter of 2024”.
By Eben Agyekum-Boateng, 3Business
The post Ghana’s economy expands at its fastest pace in five years in Q2 2024 at 6.9% first appeared on 3News.
