Ghana’s economy recorded a 6.9% year-on-year growth in the second quarter of 2024, marking the fastest expansion in five years, according to the national statistics agency. The growth was driven by significant progress in key sectors, signaling a robust recovery for the country, which has been battling a severe economic crisis fueled by rising public debt.
Government Statistician Samuel Kobina Annim reported that the industry sector grew by 9.3%, led by a 23.6% increase in the gold mining sector, marking its third consecutive quarter of growth. The services sector expanded by 5.8%, while agriculture grew by 5.4%. However, the cocoa sector, in the world’s second-largest cocoa producer, contracted for the fourth straight quarter, shrinking by 26.2% due to poor weather and disease affecting crop output.
This economy resurgence comes as Ghana works to restructure its debt, offering holders of approximately $13 billion in international bonds a swap for new instruments. Bondholders have until September 30 to accept the offer, with an early consent deadline of September 20, which includes a 1% consent fee.
SOURCE: https://dew360.net
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