5.7% expansion shows economy was doing well before NDC took over – Gideon Boako

Ghana’s economy grew by 5.7% in 2024, surpassing the revised 4% target, according to provisional data from the Ghana Statistical Service. This marks the highest growth rate since 2020, following a 3.1% expansion in 2023.

However, growth in Q4 2024 slowed to 3.6%, down from 7.2% in Q3, largely due to weaker performance in the Industry sector, which expanded by just 0.2%, driven by a sharp contraction in mining and quarrying.

The Services sector remained the largest contributor to GDP (49.2%), followed by Industry (31.9%) and Agriculture (19.0%).

Dr. Gideon Boako, MP for Tano North, stated that these figures confirm a real economic rebound and demonstrate the effectiveness of the government’s debt management strategy, which reduced the public debt-to-GDP ratio to 61.8%, down from 80.4% in 2020.

He also alleged potential data manipulation in the upcoming 2025 budget presentation, urging the finance minister to ensure transparency in economic reporting.