The Finance Minister has highlighted the recent figures from the Ghana Statistical Service on the Gross Domestic Product (GDP) growth rate.
Presenting the 2025 budget statement in Parliament on Tuesday, March 11, he said provisional 2024 GDP statistics published by the Ghana Statistical Service on the 10th of March 2025 showed that overall GDP grew by 5.7 per cent of GDP compared to the growth rate of 3.1 per cent recorded over the same period.
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“The key driver of this growth was largely coming from gold mine including illegal small-scale mining (galamsey). Galamsey growth rate cannot be sustainable, ” he said.
Provisional data from the Ghana Statistical Service indicated that Ghana’s economy expanded by 5.7% in 2024, higher than the revised 3.1% growth rate in 2023.
However, growth in the fourth quarter of 2024 slowed to 3.6%, down from 7.2% in the third quarter, reflecting a loss of momentum despite ongoing economic resilience.
The slowdown in Q4 was largely driven by weaker growth in the Industry sector, which expanded by just 0.2%.
A significant factor was the sharp contraction in mining and quarrying, which accounted for about 43% of the Industry sector’s total value.
The Services sector remained the largest contributor to GDP, representing 49.2% of total output, followed by Industry (31.9%) and Agriculture (19.0%).
At constant 2013 prices, Ghana’s oil GDP for Q4 2024 stood at GH₵53,137.0 million, while non-oil GDP was GH₵50,262.5 million. In nominal terms, GDP at basic prices reached GH₵308,086.5 million.
