The Ministry of Finance (MoF) reports that the country is experiencing a rapid economic recovery, as reflected in the Gross Domestic Product (GDP), despite global challenges and ongoing debt restructuring.
On September 19, the MoF stated that this robust recovery stems from the macroeconomic stability and growth initiatives implemented by the government under the IMF-supported Post-Covid-19 Programme for Economic Growth (PC-PEG).
Further, the MoF highlighted that real GDP growth for the first half of 2024 rebounded strongly, averaging 5.8% year-on-year, compared to just 2.9% during the same period in 2023.
Moreover, the 5.8% growth bolstered by a 4.8% expansion in Q1 and an impressive 6.9% in Q2, marking the highest quarterly GDP growth in five years. Non-oil GDP growth also performed well, reaching 5.6%, up from 3.8% in the first half of 2023, with Q1 growth at 4.3% and Q2 growth at 7.0%.
Additionally , the MoF pointed out that the overall 5.8% growth for the first half of 2024 significantly exceeds the initial growth target of 1.5% for the year, which later revised to 3.1% during the Mid-Year Review of Fiscal Policy presented in Parliament in July 2024.
The MoF emphasised that Ghana’s growth performance during this period is notably higher than that of other countries that have undergone similar debt restructuring, particularly since Ghana completed its domestic debt restructuring in 2023 and is nearing the completion of its external debt restructuring.
Latest data from the Ghana Statistical Service (GSS) shows that cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a significant increase from the 4.7% recorded in the first quarter.
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