Ghana’s economy expanded at its slowest pace in over a year in Q4 2024, as industrial activity stagnated and the cocoa sector continued its decline.
By the numbers:
- GDP grew 3.6% in the last three months of 2024, down from 7.2% in Q3, according to Government Statistician Samuel Kobina Annim.
- Industrial growth nearly stalled at 0.2%, after a strong 10.4% expansion in Q3.
- Agriculture, which employs 40% of the workforce, grew 2.9%, slightly down from 3.2% in the previous quarter.
- Cocoa output plunged 21.4%, marking its sixth consecutive quarter of contraction.
Why it matters
The slowdown presents a challenge for President John Mahama’s administration, which campaigned on reviving the economy after a 2022 debt default and an IMF bailout.
His finance minister, Cassiel Ato Forson, is set to present the government’s first budget on Tuesday.
Zoom out
Ghana, the world’s second-largest cocoa producer, is struggling with poor weather, crop disease, and rampant cross-border smuggling, as beans fetch higher prices outside the country.
Source: Bloomberg
