The Finance Minister Dr Mohammed Amin Adam has said that Ghana’s economy is rebounding strongly to the surprise of the world.

He says the economy will grow and even grow faster than the projections that have been made.

Speaking at a UK Town Hall meeting on Saturday, June 23, Dr Adam said “This year our economy is going to surprise the whole world. I can tell you that this economy is rebounding strongly. We are rebounding strongly, and it is surprising the world even the IMF, the World Bank.

“They are all surprised. Last year, they projected our economy will grow at 1.5%, we grew at 2.9%. This year in the first quarter of this year, they projected we will grow at 3.1% we grew at 4.7%. This economy will grow, and it will grow faster than everybody thinks.”

Recent data released by the Ghana Statistical Service (GSS) indicated that the GDP in volume terms was estimated to have increased by 4.7 % in quarter 1 (January to March) of 2024 compared to the same period in 2023,

When seasonally adjusted, Ghana real GDP increased to 1.2% in quarter one (January to March) of 2024; a 0.2 percentage point higher than what was recorded in quarter four (October to December) of 2023.

The drivers of growth in Quarter 1 2024 are: Mining & Quarrying (12.9%) and contributed 1.48% to the overall growth;  Information &  Communication (17.9%) and contributed 1.01% to the overall growth; Crops (4.3%) and contributed 0.74% to growth; Construction (8.2%) with a contribution of 0.51%; and Accommodation and Food Service Activities (9.4%) with a contribution of 0.36%.

Five sub-sectors contracted in quarter four of 2023: Health (-8.8%); Electricity (-7.5%); Public Administration (-5.3%);  Education (-4.9%); Other Personal Service Activities (-2.9%); and Forestry & Logging (-1.2%).

Gross Domestic Product (GDP) growth is the main indicator of economic performance. There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.