Ghana’s economy grew by 4.5 % in July 2025, according to provisional estimates from the Ghana Statistical Service (GSS), reflecting continued expansion in economic activity despite a slowdown from the 8.3 percent growth recorded in the same period last year.
The data, captured in the Monthly Indicator of Economic Growth (MIEG), a new high-frequency measure of economic performance, shows that agriculture and services were the key drivers of July’s growth, offsetting a sharp slowdown in the industrial sector.
The GSS said the MIEG index rose to 110.2 points in July 2025, up from 105.4 in July 2024, indicating steady progress in economic recovery. The new monthly index, benchmarked to a 2023 base year of 100, provides policymakers and investors with early signals on Ghana’s economic direction ahead of quarterly GDP releases.
According to the report, the agriculture sector grew by 8.0 %, up from 2.4 % in July 2024, supported by robust crop and fisheries output. The sector accounted for 37.1 % of total growth.
The services sector expanded by 6.4 %, an improvement over 4.5 % in the previous year, contributing 58.4 % of overall growth. The GSS attributed this to increased activity in trade, communications, and public services.
However, industrial output nearly stalled, growing by just 0.1 % in July 2025 compared with 17.7 % in July 2024, a sharp deceleration that reflects moderating activity in construction and manufacturing.
“The MIEG estimated growth is 4.5% for July 2025, down from 8.3% in July 2024. This indicates an expansion in economic activities in July 2025, though lower than growth in July 2024,” the report stated.
The GSS noted that while the monthly indicator remains provisional, it offers valuable insights into short-term trends and can help policymakers respond more swiftly to economic shifts.
“Timely and frequent data on economic activity is more critical than ever,” said Government Statistician Dr. Alhassan Iddrisu, noting that the MIEG is designed to “support evidence-based decision-making and deepen understanding of how external shocks and business cycles impact the Ghanaian economy.”
The MIEG is compiled using data from multiple institutions, including the Bank of Ghana, Ministry of Food and Agriculture, Ghana Revenue Authority, COCOBOD, Minerals Commission, and the National Communications Authority. It aligns with international standards under the UN System of National Accounts (SNA 2008).
The GSS will publish the August 2025 MIEG on November 12, followed by the September release on December 10, alongside the Q3 GDP report.
By offering more frequent insights into the economy, the MIEG is expected to help improve forecasting, enhance policy responsiveness, and strengthen investor confidence in Ghana’s macroeconomic outlook.
