Ghana Statistical Service records 7.4% year-on-year economic growth

Ghana's economic activity expanded by 7.4% year-on-year in July 2026, marking a significant acceleration compared to the 4.9% growth recorded in July 2025. Data released by the Ghana Statistical Service (GSS) indicates that the Monthly Indicator of Economic Growth (MIEG) index rose to 121.6 from 113.2 during the same period last year. This surge reflects a broadening recovery in national economic activity, though performance varied significantly across the primary sectors of the economy.

The Services sector was the dominant engine of this expansion, recording a robust 12.2% growth rate and contributing 63.8% to the overall national economic increase. Within this sector, information and communication activities were particularly strong, driving the service sector index up to 128.5. Meanwhile, the Industry sector continued its recovery with a 5.4% rise, contributing 20.5% to the total growth figure. This rebound in industry was largely fueled by gains in the mining and quarrying sub-sectors, which saw increased activity compared to the previous year.

In contrast to the strong performance in services and industry, the Agriculture sector experienced a notable slowdown. Growth in agriculture fell to 3.7%, a sharp decline from the 8.2% recorded in the corresponding period of 2025. Despite this deceleration, the sector still accounted for 14.1% of the overall growth, supported primarily by crops and livestock production. Additionally, net taxes on products contributed a further 1.6% to the year-on-year expansion of the country's economic activity as the industry index rose to 117.1 and agriculture reached 113.7.

The latest figures from the GSS highlight a shifting landscape in the Ghanaian economy, where the dominance of services is becoming increasingly pronounced. While the overall 7.4% growth rate signals a positive trajectory for the national economy, the lagging performance of agriculture has raised concerns among some analysts. Experts suggest that targeted policy interventions may be necessary to bolster agricultural productivity and ensure more balanced growth across all sectors to sustain this upward momentum in the coming months.