According to the statistics office, Ghana’s third quarter economic growth dropped to 2. 9% year over year from 6. 6%, which was the weakest result since the first quarter of 2021. Since the post-COVID pandemic recovery in 2021, growth has slowed as Ghana has struggled with out-of-control inflation, a weakening local currency, and mounting debt.
The West African nation, which is going through its worst economic crisis in a decade, stopped making payments on the majority of its external debt. The government and the International Monetary Fund have reached a $3 billion staff-level agreement in an effort to stabilize the economy (IMF).
Government statistician Samuel Kobina Annim said the third quarter growth figure was the lowest since the economy increased 3.1% in the first quarter of 2021. “This is the least we’ve grown since the economy began to bounce back from the COVID-19 pandemic,” Annim told reporters. This year’s third quarter growth was underpinned by the agricultural sector, where most growth came from fishing.
