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Ghana : GDP grows by 7.2% in Q3 2024

Ghana’s economy grew by 7.2% year-on-year in the third quarter (Q3) of 2024, according to data from the Ghana Statistical Service (GSS). This growth is higher than the 6.9% recorded in the second quarter (Q2).

The industrial sector led the growth with a 10.4% increase, followed by services (6.4%) and agriculture (3.2%). Key contributors to GDP growth included mining, construction, and manufacturing, while sectors such as fishing and waste management experienced contractions.

With support from a $3 billion loan from the International Monetary Fund (IMF), Ghana has been implementing reforms since May 2023 to stabilize its economy, which had been struggling with public debt, inflation, and exchange rate volatility. In October, the IMF revised its 2024 GDP growth forecast for Ghana upwards to 4.0%.

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