Ghana’s economy posted a robust 6.9% year-on-year growth in the second quarter of 2024, marking its fastest expansion in five years, driven by key sector gains, according to the country’s statistics agency.
This impressive growth signals a strong recovery for the gold, oil, and cocoa-producing nation, which has been battling a severe economic crisis fueled by soaring public debt.
“The 6.9% growth rate is the highest since Q2 2019, primarily due to significant expansion in the extractive sector, similar to what we observed five years ago,” said government statistician, Samuel Kobina Annim.
Ghana’s industry sector saw a 9.3% increase, with mining and quarrying leading the charge, while the gold sector grew by 23.6% for the third consecutive quarter. The services sector expanded by 5.8%, and agriculture grew by 5.4%.
However, the cocoa sector, in which Ghana is the world’s second-largest producer, contracted for the fourth straight quarter, shrinking by 26.2% due to declining crop yields caused by disease and adverse weather.
This economic rebound comes as Ghana continues restructuring its debt. The government has invited holders of approximately $13 billion in international bonds to exchange them for new securities following a preliminary restructuring agreement with two bondholder groups. Bondholders have until September 30 to accept the offer, with those agreeing before the early deadline of September 20 eligible for a 1% consent fee.
