Ghana’s economy continued to grow in November 2025, but at a noticeably slower pace compared to the same period in 2024, according to the latest Monthly Index of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
Presenting highlights of the report, Government Statistician Alhassan Iddrisu said the data shows a clear moderation in growth momentum.
“When we compare November 2025 with November 2024, one message is clear. The economy is still growing, but the pace of growth has slowed,” he stated.
Total economic growth stood at 4.2 percent in November 2025, down from the 7.1 percent recorded in November 2024. The figures suggest that although output remains positive, the stronger expansion seen last year has eased, particularly within the industrial sector.
The agriculture sector recorded a growth rate of 4.1 percent in November 2025, slightly higher than the 3.8 percent registered in November 2024. Agriculture accounted for 32.4 percent of the overall 4.2 percent growth recorded during the period. The improvement was largely driven by stronger performance in crop production and fisheries.
Despite the sector’s seasonal nature, the data indicate a steady upward trend over the past two years, underscoring its resilience and continued role in supporting food supply and rural incomes.
In contrast, industrial activity weakened sharply. The sector grew by just 0.4 percent in November 2025, compared to the 6.2 percent growth recorded a year earlier. Industry contributed only 2.5 percent to overall growth. The slowdown was mainly attributed to a decline in mining and quarrying activities, particularly oil and gas production. The weaker performance in extractive industries, traditionally major contributors to Ghana’s growth, significantly weighed on total output and largely explains the moderation in headline growth.
The services sector, the largest component of the economy, expanded by 6.7 percent in November 2025 and contributed 57.7 percent to overall growth. Although this remains strong, it represents a slowdown from the 10.2 percent growth recorded in November 2024. Expansion in information and communication services, reflecting increased digital activity, was a key driver of performance. The data confirms that services continue to carry much of the economy’s weight, even as growth in the sector cools.
Looking ahead to the fourth-quarter GDP figures expected in March 2026, Prof. Iddrisu indicated that recent trends point to continued expansion, though at a slower pace.
“The October and November MIEG suggest that economic activity in quarter four remains positive but slower than the previous year. Growth continues, but the momentum has eased,d especially in industry and parts of services,” he explained.
The November 2025 MIEG, therefore, paints the picture of an economy that remains on a growth path but is experiencing reduced momentum. While agriculture improved modestly and services remained strong, the sharp slowdown in industry, particularly mining and oil production, has moderated overall expansion compared to the previous year.
