Ghana’s Industrial Sector Records 7.6% Year-on-Year Growth in Q3 2024
Ghana’s industrial sector has recorded a year-on-year growth rate of 7.6% in the third quarter of 2024, according to the latest Index of Industrial Production (IIP) report released by the Ghana Statistical Service (GSS). However, on a quarter-on-quarter basis, the sector experienced a slight decline of 0.6%, down from the 8.2% growth rate recorded in the second quarter of 2024.
The IIP for the third quarter of 2024 stood at 100.6, compared to 93.5 in the same period last year, reflecting overall growth in the sector. Leading the growth trajectory was the mining and quarrying sector, which posted a robust year-on-year increase of 13.5%.
The manufacturing sector also contributed to the growth with a modest 2.0% increase, supported by significant gains in key sub-sectors. Notably, the manufacture of transport equipment surged by 33.5%, paper and paper products grew by 27.5%, and electrical equipment saw an increase of 23.2%. Despite these gains, some manufacturing sub-sectors experienced stagnation or marginal declines.
The electricity and gas sub-sector faced challenges during this period, recording a year-on-year contraction of 1.9%, attributed to operational issues that disrupted consistent energy supply.
These figures highlight the mixed performance of Ghana’s industrial sector as it strives to maintain growth amidst structural challenges. The robust performance in mining and manufacturing indicates strong investor confidence and potential for further growth, while the contraction in the electricity and gas sub-sector underscores the need for addressing infrastructure and operational inefficiencies.