The Ghanaian economy experienced a growth rate of 5.7% in 2024, driven primarily by the services sector, which contributed 2.51% to this growth. This sector, fueled by information and communication technologies, particularly data and Short Message Service (SMS) usage, highlights the increasing importance of the digital economy in Ghana’s overall economic performance. The contribution underscores the transformative impact of technology on various aspects of the economy, ranging from financial transactions and business operations to social interactions and information dissemination. The growth in this sector suggests a flourishing digital landscape, potentially fueled by increased mobile phone penetration, internet access, and the adoption of digital services by businesses and consumers alike.
The industrial sector, encompassing manufacturing, mining, and quarrying activities, played a significant role in the GDP growth, contributing 2.24%. This contribution indicates a vibrant industrial sector, potentially driven by increased production, investment in infrastructure, and expansions in mining and quarrying operations. However, the specific breakdown of contributions within the industrial sector requires further analysis to understand the individual roles of manufacturing, mining, and quarrying in driving this growth. This detailed analysis would allow for a better understanding of the sector’s strengths and weaknesses and inform targeted policy interventions to optimize its contribution to the national economy.
The agricultural sector, a traditionally important sector in Ghana’s economy, contributed 0.6% to the GDP growth. This relatively modest contribution, compared to the services and industrial sectors, raises concerns about the performance of the agricultural sector and the potential challenges it faces. Factors such as climate change, outdated farming techniques, and limited access to credit and markets could be contributing to the sector’s slower growth. Further investigation is needed to pinpoint the specific constraints hindering agricultural growth and develop strategies to revitalize the sector, ensuring food security and enhancing the livelihoods of those dependent on agriculture.
A residual contribution of 0.32% to the GDP growth was attributed to other economic activities not specifically categorized within the services, industry, or agriculture sectors. This residual contribution likely encompasses various economic activities, including construction, tourism, and other miscellaneous services. A more granular analysis of these contributing factors is crucial for gaining a comprehensive understanding of the overall economic landscape and devising appropriate policies that address the specific needs and challenges of these diverse sectors.
Professor Samuel Kobina Annim, the Government Statistician, presented these figures to the Parliament’s Committee of the Whole, refuting claims by the Finance Minister, Cassiel Ato Forson, that the GDP growth was primarily driven by illegal small-scale mining, often referred to as “galamsey.” Prof. Annim’s clarification emphasizes the importance of relying on accurate data and analysis to inform policy decisions and public discourse. The clarification also highlights the need for transparency and accountability in reporting economic data to prevent misinformation and ensure a well-informed public debate on economic issues.
Prof. Annim also highlighted the critical need for robust statistical data collection and analysis to inform policy decisions and promote sustainable economic growth. He announced the development of an online statistics bank by the Ghana Statistical Service, envisioned as a centralized platform for government ministries, departments, and agencies (MDAs) to deposit their data, ensuring public accessibility. This initiative aims to enhance transparency and facilitate data-driven decision-making, contributing to a more evidence-based approach to policy formulation and implementation. The platform’s success will depend on the commitment of MDAs to regularly update and maintain the accuracy and completeness of the data they deposit. Furthermore, it will be crucial to ensure the platform’s user-friendliness and accessibility to the general public, enabling citizens to engage with and utilize the data effectively. This initiative represents a significant step towards building a stronger statistical infrastructure in Ghana, promoting evidence-based policymaking, and fostering public accountability.
