Ghana’s economic expansion exhibited a marginal deceleration, recording a year-on-year growth rate of 3.2% during the second quarter. This figure represents a slight dip when compared to the revised 3.3% growth rate observed in the preceding first quarter, as reported by the nation’s official statistics agency on Wednesday.
This nation, known for its significant production of gold, oil, and cocoa, finds itself contending with the most severe economic crisis in a generation, primarily instigated by the escalating burden of public debt.
In May, the country successfully secured a $3 billion, three-year loan program in collaboration with the International Monetary Fund (IMF).
The government has projected a deceleration in economic growth for this year, with an expected rate of 1.5%, compared to the 3.1% achieved in 2022. Notably, the first-quarter growth figures were adjusted downward, settling at 3.3% as per the announcement made by the Ghana Statistical Service on Wednesday, revising it from the earlier estimate of 4.2%.
During the second quarter, growth was predominantly spurred by robust performance in sectors such as mining, agriculture, healthcare, transportation, and information technology.
Agriculture experienced significant growth, registering a 6.0% expansion, and the services sector demonstrated robust growth at 6.3%. In contrast, the industrial sector contracted by 1.9%. Notably, the construction sub-sector faced a substantial contraction of 11.7%, marking its most significant decline in five years.