Ghana’s industrial sector recorded a year-on-year growth rate of 7.6% in the third quarter of 2024.

This is according to the latest Index of Industrial Production (IIP) report released by the Ghana Statistical Service (GSS).

On a quarter-on-quarter basis, however, this reflects a marginal decline of 0.6%, down from the 8.2% growth rate recorded in the second quarter of 2024.

The IIP for the third quarter of 2024 stood at 100.6, compared to 93.5 in the same period last year.

The mining and quarrying sector led the growth trajectory, posting a robust year-on-year increase of 13.5%. Manufacturing recorded a modest 2.0% growth, bolstered by significant gains in key sub-sectors.

The manufacture of transport equipment surged by 33.5%, while paper and paper products grew by 27.5%, and electrical equipment saw an increase of 23.2%.

In contrast, some manufacturing sub-sectors experienced stagnation or marginal declines.

The electricity and gas sub-sector struggled during the period, recording a year-on-year contraction of 1.9%, attributed to operational challenges that disrupted consistent energy supply.

These figures highlight the mixed performance of Ghana’s industrial sector as it seeks to maintain growth amidst structural challenges.