- Ghana’s economy recorded a 5.3% year-on-year growth in Q1 2025, improving from 4.9% in Q1 2024.
- Non-oil GDP growth stood at 6.8%, indicating strong performance in the domestic economy outside the oil sector.
- Quarter-on-quarter (seasonally adjusted) GDP grew by 1.4%, up from 0.9% in Q4 2024.
- The services sector remained the largest contributor, accounting for 46.8% of total GDP in Q1.
- Agriculture recorded the highest sectoral growth at 6.6%, driven by strong outputs in fishing, crops, and livestock.
- Industry grew by 3.4%, despite a sharp 22.1% contraction in oil and gas, cushioned by gains in gold production.
- Manufacturing led industrial sub-sectors, expanding by 6.6% year-on-year.
- Information and communication services grew by 13.1%, making it the top performer in the services sector.
- (Expenditure approach) Government consumption increased by 8.2%, becoming the strongest demand-side driver of GDP growth.
- (Expenditure approach) Net exports declined by 72,323.1%, marking the biggest drag on growth in Q1 2025.
So What?
Ghana’s Q1 performance tells a story of quiet strength, led by agriculture, services, and resilient domestic demand, though weaknesses in oil and exports remain key risks to watch.
