Ghana’s economy grows 5.1% aas services drive expansion while agriculture slows
Ghana’s economy expanded by 5.1% year-on-year in May 2026, although the latest data from the Ghana Statistical Service (GSS) show that the growth is increasingly being driven by the services sector as agriculture loses momentum.
The May growth rate was lower than the 6.6% recorded during the same period in 2025, indicating that while economic activity continues to expand, the pace of growth has moderated.
According to the latest Monthly Indicator of Economic Growth (MIEG), the index rose to 121.90 in May 2026, from 115.90 recorded a year earlier.
Presenting the figures on August 13, 2026, Statistician Dr Alhassan Iddrisu explained the increase using a simple comparison.
“For every GH¢100 of activity in May last year, the economy produced about GH¢105 in May 2026,” he said.
The figures point to continued economic expansion, but also highlight an uneven performance across the major sectors of the economy.
Services remain key growth driver
The services sector remained the strongest contributor to economic activity, recording growth of 7.2% in May, compared with 7.5% during the corresponding period last year.
The sector accounted for 51% of the overall increase in economic activity, making it the largest contributor to the country's growth.
Information and communication led the expansion within the services sector, supported by trade, transport, banking and other service-related activities.
The strong performance of information and communication further underscores the growing role of digital and technology-driven activities in Ghana's economy.
The industrial sector also recorded growth, although at a slightly slower pace. It expanded by 4.2% in May, compared with 4.6% in May 2025, contributing 23.8% to overall growth.
Mining and quarrying were the main drivers of industrial activity.
Agriculture loses momentum
Agriculture, however, emerged as a major area of concern, with the sector recording a significantly weaker performance.
The slowdown could have broader implications for the economy, given agriculture's importance to food production, employment and household incomes, particularly in rural communities.
A sustained decline in agricultural activity could also put pressure on food prices and affect incomes if domestic production fails to keep pace with demand.
The latest MIEG figures therefore present a mixed picture of Ghana's economic recovery.
While services continue to record strong growth and industry remains relatively resilient, the overall expansion has slowed compared with a year earlier, while agriculture is struggling to maintain momentum.
Need for broader-based growth
The performance raises questions about the quality and inclusiveness of Ghana's economic recovery, particularly whether current growth is generating sufficient jobs, boosting productivity, encouraging private-sector investment and improving household incomes.
For many households, the impact of economic growth is ultimately measured by access to jobs, earnings and the ability to afford basic goods and services rather than the headline GDP or growth figures alone.
The increasing contribution of information and communication presents an opportunity for Ghana to develop new sources of long-term growth. However, policymakers will also need to address weaknesses in sectors such as agriculture that remain critical to food security, employment and rural livelihoods.
The latest figures suggest that Ghana's economy is moving in the right direction, but the benefits of the recovery need to spread more evenly across sectors.
The upcoming June MIEG figures and the full second-quarter GDP data will provide further insight into whether the slowdown is temporary or reflects a broader moderation in economic activity.
For now, the May figures underline a key policy challenge: Ghana's economy is growing, but sustaining the recovery will require stronger and more balanced growth across services, industry and agriculture.