Ghana records sharpest economic expansion in 9 quarters

Ghana’s economy has recorded its sharpest expansion in nine quarters, with a year-on-year growth of 4.7 per cent in the first quarter of 2024. This growth is a positive sign for the country, indicating a promising trajectory and the government's efforts to sustain economic progress. Kweku Arkoh-Koomson, an Economic Analyst at Databank, highlighted the key factors contributing to this expansion during a recent interview with CNBC Africa. Arkoh-Koomson credited the growth to the government's successful debt rework deals with international creditors and bondholders. These agreements have provided Ghana with improved financial stability and better terms for managing its debt obligations. The analyst emphasized that these initiatives have had a significant impact on the country's economic performance, enabling it to achieve sustained growth. According to Arkoh-Koomson, the recent economic expansion is a reflection of Ghana's resilience and ability to navigate challenges effectively. Despite facing obstacles such as the impact of the COVID-19 pandemic and global economic uncertainties, Ghana has demonstrated resilience and determination to overcome these hurdles. Furthermore, the analyst pointed out that the government's focus on implementing strategic economic policies and initiatives has also played a crucial role in driving growth. By prioritizing sectors such as agriculture, manufacturing, and energy, Ghana has been able to boost production, create employment opportunities, and enhance domestic revenue generation. Arkoh-Koomson underscored the importance of sustaining this growth momentum and building on the current progress to ensure long-term economic stability. He emphasized the need for continued strategic planning, prudent financial management, and targeted investments to further propel Ghana's economic development. In conclusion, Ghana's record expansion in the first quarter of 2024 signifies a significant milestone for the country's economy. With the government's proactive measures and initiatives yielding positive results, Ghana is poised for continued growth and resilience in the face of evolving global economic dynamics.