Ghana's economy grew by 6.9% y/y in Q2 2024, up from 4.8% y/y in Q1. This brings H1 growth to 5.9% y/y, the fastest growth pace since 2019. The industrial sector was the main driver of the robust economic expansion, while agriculture and services also contributed to growth. The country's July-September PMI readings imply that activity moderated in Q3, informing our expectation of slowing growth in H2 2024. Nevertheless, we forecast real GDP growth to reach 5.0% this year, up 0.8 ppt from our previous prediction.
Ghana: Strong GDP print prompts upward growth revision