Ghana GDP Growth Slows

FILE PHOTO: A general view of Adabraka in Accra. Taken December 5, 2016.

Ghana's economic growth slowed to 2.9% year-on-year in the third quarter this year compared with 6.6% in the same period last year, the statistics service said on Wednesday, its worst performance since the first quarter of 2021.

Government statistician Samuel Kobina Annim said the third quarter growth figure - 2.9% - was the lowest since the economy expanded 3.1% in the first quarter of 2021.

"This is the least we've grown since the economy began to bounce back from the COVID-19 pandemic," Annim told reporters.

This year's third quarter growth was underpinned by the agricultural sector, where most growth came from fishing.

Industry saw the lowest growth, with its manufacturing sub-sector shrinking by 7.4% but mining expanding by 14.9%.

Ghana revised growth for the first quarter of this year to 3% and to 4.7% for the second quarter, down from 3.3% and 4.8% respectively, Annim added.

The West African country, experiencing its worst economic crisis in a generation, defaulted on most of its external debt on Monday.

Growth has slowed since a post-COVID pandemic recovery in 2021 as Ghana has grappled with runaway inflation, a depreciating local currency and spiraling debt.

The economic woes have been a central theme of street protests this year. In a bid to stabilize the economy, the government has negotiated a $3-billion staff-level agreement with the International Monetary Fund (IMF). Its approval is conditional on comprehensive debt restructuring.