ACCRA, March 11 (Xinhua) -- Ghana's economy grew 5.7 percent in 2024, driven by a strong industrial performance amid the country's economic reforms backed by the International Monetary Fund (IMF), according to the Ghana Statistical Service.
Addressing a press briefing Monday in Accra, the capital of Ghana, Government Statistician Samuel Kobina Annim said the growth rate is 2.6 percentage points higher than the 3.1 percent revised growth rate recorded in 2023.
"Despite the slower growth rate of 0.2 percent in the fourth quarter, the industrial sector led Ghana's economic growth in 2024 with a growth rate of 7.1 percent, driven by the construction as well as the mining and quarrying sub-sectors," he said.
According to Annim, the services sector grew 5.9 percent year on year in 2024, led by the information and communications technology sub-sector with 15.8 percent growth, while the agriculture sector grew 2.8 percent during the year under review.
The West African exporter of cocoa, gold, and crude oil has been implementing economic reforms since May 2023, backed by a 3-billion-dollar loan from the IMF to tackle multiple protracted economic challenges, including currency depreciation, high inflation, and ballooning public sector debts.
Ghanaian President John Dramani Mahama, who returned to office in January, has vowed to reset the economy, abolish unnecessary taxes, and make Ghana attractive for investments. ■