Ghana’s industrial sector achieved a year-on-year growth rate of 7.6% in the third quarter of 2024, as revealed by the latest Index of Industrial Production (IIP) report from the Ghana Statistical Service (GSS).
However, on a quarter-on-quarter basis, growth showed a slight dip of 0.6%, compared to the 8.2% recorded in the second quarter of 2024. The IIP for Q3 2024 reached 100.6, up from 93.5 during the same period in 2023.
The mining and quarrying sector drove the growth, posting a remarkable 13.5% year-on-year increase. Manufacturing grew by 2.0%, supported by significant advancements in key sub-sectors. The manufacture of transport equipment rose sharply by 33.5%, while paper and paper products grew by 27.5%, and electrical equipment saw a 23.2% increase.
Despite these gains, some manufacturing sub-sectors remained stagnant or recorded marginal declines. The electricity and gas sub-sector contracted by 1.9%, attributed to operational challenges that disrupted energy supply.
The report underscores the mixed performance of Ghana’s industrial sector, reflecting its efforts to sustain growth while navigating persistent structural challenges.
