GHANA: Ghana’s Economy Grows at 6.9% in Q2 2024, Fastest in Five Years Amid Debt Restructuring Efforts

By: Chioma Madonna Ndukwu

Ghana’s economy witnessed a remarkable growth rate of 6.9% in the second quarter of 2024, its fastest in five years, according to the country’s statistics agency. This surge, driven by the mining, oil, and industrial sectors, marks a strong recovery from a severe economic crisis fueled by soaring public debt.

Government statistician Samuel Kobina Annim highlighted that this is the highest growth rate since 2019, particularly due to the robust expansion in the extractive sector, including mining and quarrying, which grew by 23.6%.

However, the cocoa sector, vital to Ghana’s economy, saw a 26.2% contraction, primarily due to disease and unfavorable weather conditions. The economic resurgence is a welcome development as Ghana continues its efforts to restructure $13 billion in international debt.

The bondholders have until September 30 to agree to the restructuring offer, with early participants receiving a 1% consent fee. The growth, amid debt restructuring, reflects Ghana’s attempts to stabilize its economy.

Source: Reuters

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Chioma Ndukwu

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