Ghana’s economic activity has accelerated for four consecutive months, reaching 7.4 percent in July 2026, as services and industry recorded stronger growth. The trend points to improving economic conditions, with implications for businesses, employment and household incomes.
Data from the Ghana Statistical Service’s (GSS) latest Monthly Indicator of Economic Growth (MIEG) show that economic activity grew by 7.4 percent in July, up from 6.5 percent in June and 6 percent in May. The July figure was also higher than the 4.9 percent recorded in the same month last year.
Services led the expansion, growing by 12.2 percent in July, compared with 6.7 percent a year earlier. Industry grew by 5.4 percent, up from 0.4 percent, while agricultural growth slowed to 3.7 percent from 8.2 percent.
The sustained increase in economic activity presents a more favourable environment for businesses, particularly those operating in services and industry.
Services accounted for 63.8 percent of overall growth in July, driven largely by information and communication. The strong performance points to growing opportunities for businesses in telecommunications, digital services and other areas linked to the sector.
Growth in industry was driven largely by mining and quarrying, benefiting suppliers, transport companies and other businesses that support mining operations.
Agriculture grew by 3.7 percent in July, down from 8.2 percent a year earlier. Although the sector continued to expand, the slower pace has implications for farmers, produce traders, food processors and other businesses that rely on agricultural output. Crop and livestock production remained key drivers, but weaker growth could limit the pace at which these businesses expand their operations and supply markets.
The contrasting performance across services, industry and agriculture shows where economic activity is gaining momentum. Businesses in telecommunications and digital services, alongside suppliers and transport operators serving the mining sector, are benefiting from stronger activity.
Agricultural businesses, meanwhile, face a slower growth environment, making production levels and the availability of farm produce important factors for food processors, traders and other players across the food supply chain.
As Ghana prepares to enter the next phase of President John Mahama’s Reset Agenda, known as the “New Economy,” agriculture deserves better attention. While services and industry are recording stronger growth, agriculture is expanding at a slower pace, raising concerns for farmers, food traders and businesses that depend on local produce.
The government’s plans for the New Economy present an opportunity to address some of the sector’s long-standing challenges, including limited irrigation, high input costs and difficulties accessing markets. Giving agriculture the support it needs would help farmers increase production, create opportunities for agribusinesses and strengthen Ghana’s food supply as the economy continues to grow.
