Ghana’s economy is exhibiting positive signs after a challenging period.
The country’s statistics agency announced on Tuesday that GDP (Gross Domestic Product) grew by 4.7% year-on-year in the first quarter of 2024.
This marks an improvement compared to the same period last year.
The growth is attributed to strong performances in the industry and services sectors, according to Samuel Kobina Annim, the government statistician.
This positive trend comes amidst ongoing debt restructuring negotiations.
Ghana, a major producer of gold, oil, and cocoa, defaulted on a significant portion of its $30 billion external debt in 2022.
Factors like the COVID-19 pandemic, the war in Ukraine, and rising global interest rates all contributed to the economic strain.
This week, Ghana and its bondholders will resume discussions to finalize a debt restructuring deal for $13 billion of international bonds.
A successful agreement is crucial for the nation’s continued economic recovery.
While the first-quarter growth is encouraging, Ghana still faces challenges.
The defaulted debt requires a solution, and global economic uncertainties persist.
Despite these hurdles, Ghana’s recent economic performance demonstrates its potential for growth and stability.
