Ghana's economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country's statistics agency said on Wednesday.

The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt.

"The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in the extractive sector, just as we saw in the second quarter of 2019," government statistician Samuel Kobina Annim said.

Ghana's overall industry sector grew by 9.3%, driven by mining and quarrying, while the gold sector expanded for the third consecutive period, by 23.6% in the quarter. The services sector grew 5.8%, while agriculture rose 5.4%, Annim said.

The cocoa sector in the world's second biggest producer, however, contracted for the fourth consecutive quarter by 26.2%, highlighting the impact of a steady decline in crop output due to disease and poor weather.

The economic rebound is another boost to the West African state as it restructures its debt. It has invited holders of roughly $13-billion of its international bonds to swap their holdings for new instruments after reaching a preliminary restructuring agreement with two bondholder groups.

Bondholders have until September 30 to accept the offer though those who agree to do so before an early deadline on September 20 will be eligible for a 1% consent fee.