Governor of the Central Bank, Dr. Ernest Addison, has attributed the recorded 7.2% GDP growth rate in the third quarter of 2024 to the Bank’s gold purchases programme.
According to the Governor, the double-digit growth rate recorded in the industrial sector driven by the mining industry was due to the Bank’s gold purchases from the sector.
“If you look at the GDP growth numbers for this year (Q3 2024), you see that the growth that we have seen is coming from industry, and within that subgroup is the mining sector which is gold, and a lot of it is the Central Banks gold purchases which is really driving our GDP growth,” he said.
The Bank, the Governor further noted, has purchased gold worth $9bn since the commencement of the gold purchases programme in June 2021.
Ghana’s economy recorded a 7.2% expansion in the third quarter of 2024, marking an improvement from the 6.9% growth achieved in the second quarter.
The strong performance was primarily driven by robust gains in the industrial sector.
The industrial sector posted a 10.4% year-on-year growth in Q3, up from 9.4% in Q2, with mining and quarrying leading the charge.
The sub-sector expanded by a significant 17.1%, its fourth consecutive quarter of growth.
Growth in the services sector accelerated to 6.4% in Q3, compared to 5.7% in Q2. The information and communications sub-sector was a standout performer, registering a 17.1% increase.
Agriculture, which employs around 40% of Ghana’s workforce, saw its growth rate slow to 3.2%, down from 6% in the previous quarter.
The decline was largely driven by a 26% contraction in the cocoa sub-sector, marking its fifth consecutive quarter of decline.
The services sector remains the largest contributor to Ghana’s economy, accounting for 42.9% of GDP at basic prices. Industry follows with a 32.6% share, while agriculture contributes 24.5%.
The Q3 figures underscore the ongoing challenges in the agriculture sector, particularly in cocoa production, even as other sectors of the economy, such as industry and services, demonstrate resilience and drive overall growth.
