Ghana’s economy continued to hold its ground in the third quarter of 2025, with almost all the momentum coming from the non-oil sectors, even as the oil and gas industry recorded one of its sharpest contractions in recent years.
Fresh data from the Ghana Statistical Service shows that real GDP grew 5.5% in Q3. The pace is slower than the 7.0% recorded in the same quarter of 2024, but the numbers tell a more important story: the gap between the non-oil and oil sides of the economy is widening, and it is the non-oil economy that is now carrying the country’s growth.
The non-oil economy expanded strongly by 6.8%, rising from GH¢45.6 billion to GH¢48.7 billion. This growth reflects the everyday economic activity Ghanaians encounter: vibrant markets, rising agricultural output, expanding ICT services, busy transport corridors, and steady gains in education and trade. These sectors are now anchoring the economy more firmly than before.
Government Statistician Dr. Alhassan Iddrisu highlighted this shift while presenting the quarterly numbers, noting that the structure of Ghana’s growth is undergoing a quiet but significant transformation.
“What we are seeing is a steady strengthening of the non-oil economy,” he said. “The resilience in agriculture and services shows that domestic economic activity remains strong, even as the extractive sector faces significant challenges.”
Those challenges were evident in the oil and gas sector, where output shrank by 8.2%. The contraction dragged down the broader industrial sector, limiting its overall performance. Industry, despite accounting for over 32% of the national economy, grew by only 0.8%, contributing a small 4.7% to total GDP growth.
The contrast between the two sides of the economy underscores a longer-term trend. Oil, once a dominant source of growth and government revenue, is proving more volatile and less reliable. Meanwhile, agriculture, up 8.6%, and services, growing at 7.6%, have emerged as the more dependable engines of expansion.
There was also some relief on the price front. A lower GDP deflator signaled easing price pressures, pointing to moderating inflation and a more stable environment for non-oil businesses.
With services contributing 59.5% of total Q3 growth and agriculture adding 30%, the data suggests that Ghana’s economic momentum is now coming from sectors that create more jobs, broaden participation, and deliver more inclusive growth.
