BoG’s gold purchases programme the driving factor behind Q3 7.2% GDP growth – Dr Addison asserts

Ghana’s economy expanded by 7.2% in Q3 2024, driven by strong industrial sector performance, particularly in mining, which saw a 17.1% growth. The industrial sector overall grew by 10.4%, up from 9.4% in Q2, bolstered by the Bank of Ghana’s (BoG) gold purchase program.

Since its launch in June 2021, the program has facilitated $9 billion in gold purchases, significantly contributing to GDP growth, according to Governor Dr. Ernest Addison.

While industry and services, the latter growing by 6.4%, demonstrated resilience, agriculture's growth slowed to 3.2%, with cocoa production contracting by 26% for a fifth consecutive quarter.

The services sector remains the largest GDP contributor (42.9%), followed by industry (32.6%) and agriculture (24.5%), highlighting the need for targeted interventions to address agricultural challenges.