Ghana’s economy expanded by 6.9% year-on-year in the second quarter of 2024, marking the fastest growth in five years, according to the country’s statistics agency on Wednesday.
This surge reflects a notable recovery for the gold, oil, and cocoa producer, which has been battling its worst economic crisis in decades due to soaring public debt.
“The 6.9% growth rate is the highest since Q2 2019, driven primarily by strong growth in the extractive sector, similar to what we observed in the second quarter of 2019,” said government statistician Samuel Kobina Annim.
Ghana’s industrial sector grew by 9.3%, led by mining and quarrying, with the gold sector expanding for the third consecutive quarter, up by 23.6%.
The services sector saw a 5.8% rise, while agriculture increased by 5.4%, according to Annim.
However, the cocoa sector, in the world’s second-largest producer, shrank for the fourth consecutive quarter, down 26.2%, reflecting the impact of declining crop output due to disease and poor weather.
This economic recovery offers further support to Ghana as it works on restructuring its debt. The country has invited holders of approximately $13 billion in international bonds to exchange them for new instruments, following a preliminary agreement with two bondholder groups.
Bondholders have until Sept. 30 to accept the offer, with those opting in by Sept. 20 eligible for a 1% consent fee.
YOU MAY ALSO READ: Authorities allay fears as residents panic of Nigeria’s capital Abuja over persistent earth tremors