Illegal mining might have contributed hugely to the economic growth – Mussa Dankwah

Ghana’s economy grew by 5.7% in 2024, surpassing the 3.1% target. However, growth slowed sharply in the fourth quarter, dropping from 7.2% to 3.6%, mainly due to a decline in the mining sector.

Mussa Dankwah of Global InfoAnalytics attributes the drop to reduced illegal mining activities ahead of elections as public concern over environmental damage increased. He warns that unless new growth sources emerge, sustaining high GDP growth will be difficult.

MP Dr. Gideon Boako argues that the 5.7% growth confirms a strong economic rebound under the NPP, with Ghana’s debt-to-GDP ratio improving to 61.8%. He claims the NDC inherited a stable economy but accuses them of manipulating fiscal data. The 2025 budget is expected to outline future economic strategies.