Ghana’s economy is having a good year so far. In the first six months of 2025, the country has grown faster than it has in many years. But while the overall picture looks bright, the engines pushing that growth are shifting, first led by farms and fishing boats, and later by banks, shops, and the mobile phones in people’s hands.
According to the Ghana Statistical Service, the economy grew by just over 5 percent in the first quarter of the year and by more than 6 percent in the second quarter. If you take oil out of the picture, which has been struggling badly, the growth was even stronger. This shows that ordinary businesses, from cocoa farmers to fintech companies, are the ones keeping the economy alive and moving.
Two Different Stories in Two Quarters
The year started with farming in the driver’s seat. Cocoa production picked up, fishing boats returned with bigger catches, and livestock also did well. Altogether, agriculture grew by more than 6 percent between January and March. Industry, which includes things like factories, power, and mining, added a little support, while services such as telecoms and banks kept steady.
But between April and June, the story flipped. Farming slowed down. Fishing, which had jumped by more than 16 percent in the first quarter, grew by less than 1 percent in the second. Cocoa too lost energy. Industry stumbled again because oil production shrank by over 20 percent for the fourth time in a row.
Then came the big surprise: services took over and raced ahead. Telecoms and data services grew by more than 21 percent, with mobile money and internet use exploding across the country. Shops, transport, banks, and hospitals also added to the momentum. All told, services grew by nearly 10 percent, their fastest pace in years, and they became the main engine of Ghana’s economy in the second quarter.
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The Bright Side of Falling Prices
There is another reason why the economy feels a little stronger this year: prices are rising more slowly. Last year, prices for goods and services were climbing so fast that they ate into people’s earnings. But by the second quarter of 2025, the inflation effect, what economists call the “deflator”, had dropped from nearly 27 percent to about 18 percent.
That means growth is now more real and less about prices being inflated. For households and businesses, it feels like a little more breathing space.
Steady Progress, But Still Some Risks
When you look at the economy quarter by quarter, the growth has been steady, about 1.4 percent between January and March, and the same between April and June. It may sound small, but it’s the strongest streak Ghana has had since 2019, showing that the recovery is not just on paper.
Still, not everything is rosy. Oil is the biggest drag. It shrank by more than 22 percent in both the first and second quarters, pulling mining down with it.
For a country that depends on oil money for government spending, that’s a big worry. Some service activities, like education, government services, and real estate, are also still struggling to bounce back.
What It All Means
Put together, the first half of 2025 shows an economy that is both strong and fragile. Growth is averaging almost 6 percent, higher than Ghana’s 10-year average. The fact that both farms and services have, at different times, carried the economy shows that the country has more than one way to grow.
But the weaknesses are also clear. Without gold and ICT, the picture would look a lot dimmer. Oil remains a heavy weight on the country’s progress. And while telecoms and banking are booming, not everyone benefits equally, especially when public services like education and government administration are still falling behind.
It therefore implies Ghana must not bet too much on oil. Instead, it must keep investing in farmers, encourage manufacturing, and take full advantage of the digital boom sweeping across the country.
That way, the growth story will not just be about big numbers, but about real improvements in the lives of families, from the cocoa farmer in Ashanti to the young fintech entrepreneur in Accra.
