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Ghana’s economy demonstrated remarkable resilience in 2024, with its Gross Domestic Product (GDP) growth reaching 5.7 per cent, according to the World Bank Group’s 9th Economic Update for the country in June.
The report, titled “Addressing Labour Market Challenges and Opportunities in Ghana’s Economic Landscape,” highlights a strong rebound driven primarily by the industrial sector and robust performance in services.
The positive economic trajectory was fuelled by a significant recovery in key industrial sub-sectors, particularly mining and construction.
The services sector maintained its strong growth momentum, bolstered by activities in trade and transportation, while the agriculture sector experienced mixed results.
Despite challenges in cocoa production due to adverse weather, the sector saw growth in other areas, including crops, livestock, and fishing.
Excluding oil and gas, non-oil GDP growth rose to 6 percent, signaling a broad-based recovery and increased economic diversification.
On the expenditure side, the report notes a surge in domestic demand, largely driven by increased consumption and investment spending, including those linked to election-related activities.
The economic momentum continued into the first quarter of 2025, with a 5.3 percent GDP growth rate.
The World Bank attributes this sustained performance to expansions in the agriculture and services sectors. However, the report cautions that this growth is occurring amid persistent fiscal and structural hurdles.
The industrial sector experienced a slowdown in Q1 2025 due to contractions in oil and gas and mining.
The report also warns that while Ghana has made notable progress in debt restructuring and fiscal consolidation, persistent fiscal deficits and high interest rates could pose risks to future economic stability.
The World Bank projects that GDP growth will slow to 3.9 per cent in 2025 as major fiscal adjustments take effect.
In its recommendations, the World Bank urged Ghana to maintain its reform momentum, emphasising the need for robust fiscal discipline and structural reforms.
The report also focused on Ghana’s labour market, stressing the importance of creating productive jobs for the country’s rapidly growing working-age population.
It called for targeted strategies for youth employment, skills development, and private sector-led growth in high-potential sectors like manufacturing and agro-processing to ensure a sustainable economic future.
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