Ghana records 4.8 percent GDP growth in Q2

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Ghana recorded a 4.8 percent expansion in its Gross Domestic Product (GDP) during the second quarter (Q2) this year, according to data released by the Ghana Statistical Service.

Samuel Kobina Annim, the government statistician, during a press conference on Tuesday said services overtook agriculture to lead growth with a growth rate of 5.2 percent. Agriculture followed with a growth rate of 4.6 percent, and industry came third with a 4.4 percent growth rate.

The official said sectors including manufacturing, crops and cocoa, mining, and quarrying also recorded strong growth in the second quarter.

Ghana, the second-largest producer of cocoa and gold in Africa, faced multiple economic challenges exacerbated by the COVID-19 pandemic and the Russia-Ukraine conflict.

The Ghanaian government has been in talks with the International Monetary Fund since July 1 for a bail-out package to boost economic recovery.