The Ghana Statistical Service (GSS) has announced a significant 6.9% growth in GDP for the second quarter of 2024, up from 2.5% in the same period in 2023. This strong growth has been driven by improvements in key sectors, including Mining & Quarrying. Meanwhile, non-oil GDP, which excludes the oil sector, also showed solid growth of 7.0%, up from 3.1% in Q2 2023.

Several sectors contributed to the positive GDP figures. Mining & Quarrying, including oil and gas, recorded a remarkable 14.8% year-on-year growth. The Construction sector saw an 8.4% increase, and the Electricity sub-sector grew by 6.9%. In Agriculture, Crops grew by 6.4%, while Livestock and Fishing posted 4.7% growth each.

However, some sub-sectors experienced negative growth. Forestry & Logging contracted by 5.2%, and Water & Sewerage saw a sharp 9.6% decline. Cocoa, a vital part of the Crops sub-sector, experienced a significant 26.2% drop in real GDP growth, reflecting ongoing challenges.

In terms of sectoral contributions to GDP, Services remained the largest, making up 44.2% of GDP at basic prices, while Industry accounted for 32.2%, driven by oil and gas, and Agriculture contributed 23.6%.

In July 2024, the government revised its 2024 growth targets upwards, from 2.8% to 3.1% in the mid-year budget, and these Q2 results are expected to be a welcome sign that the revised targets are within reach.