(Bloomberg) -- Ghana’s economy expanded at its fastest pace in more than two years after the industry sector had its best performance in 19 quarters.  

Gross domestic product grew 4.7% in the three months through March from a year earlier, compared with 3.8% in the prior quarter, Government Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Tuesday. 

The stronger growth data is a boon for the ruling New Patriotic Party, whose handling of the economy has been criticized by the main opposition National Democratic Congress as the West African nation prepares for presidential elections slated for Dec. 7. 

The cedi traded relatively unchanged at 15.0513 per dollar at 10:50 a.m. in the capital, Accra. Ghana bonds maturing in 2032 gained 0.44 cent to 52.57 cents on the dollar.

The industrial sector grew by an annual 6.8% in the period, after expanding 1.6% in the fourth quarter of 2023. Growth in the agriculture and services sectors slowed to 4.1% and 3.3% respectively, compared with 4.5% and 5.1% previously.

The agriculture sector was negatively impacted by adverse weather and the services industry by contractions in the health and social work and public administration, defense and social security sub-sectors. Those sub-sectors were hindered by a reduction in government spending to control debt under a $3 billion International Monetary Fund rescue program. Ghana is restructuring almost all of its $44 billion of debt as part of the IMF loan and currently negotiating with private creditors to reorganize $13 billion of bonds.

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