Ghana’s economy continued to expand in May 2026, although the pace of growth eased across the three main sectors, with agriculture recording the sharpest slowdown while services remained the largest contributor to economic activity.
Economic activity grew 5.1% year-on-year in May, down from 6.6% in May 2025, according to the Ghana Statistical Service (GSS).
The latest Monthly Indicator of Economic Growth (MIEG) shows that the economy remained larger than it was a year earlier, but the rate of expansion was slower.
Agriculture recorded the biggest moderation, with activity growing 3.6%, compared with 9.8% in May 2025. The GSS attributed the expansion to the crops and livestock subsector.
The slowdown in agriculture was accompanied by more modest changes in industry and services. Industry grew 4.2%, down from 4.6% a year earlier, with mining and quarrying identified as the main driver of the sector’s expansion.
Services grew 7.2%, compared with 7.5% in May 2025, and remained the fastest-growing of the three major sectors. The GSS said the expansion was mainly driven by the Information and Communication subsector.
Services also made the largest contribution to overall economic growth, accounting for 51% of the 5.1% expansion. Industry contributed 23.8%, while agriculture accounted for 21.2%.
The figures show that while all three major sectors continued to expand, their contribution to the economy’s growth differed significantly. Services generated more than half of the overall expansion, while agriculture recorded the largest decline in its growth rate compared with a year earlier.
The May performance brings the economy’s growth rate below the level recorded a year earlier, but keeps economic activity firmly in positive territory. The MIEG index rose to 121.9 in May 2026, from 115.9 in May 2025.
The data also shows a growing gap between the performance of the major sectors. Services maintained growth above 7%, industry remained around 4%, while agricultural growth fell below 4%.
In all, the May MIEG points to an economy that is still expanding, but at a slower pace than a year earlier, with services providing the strongest support to growth and agriculture recording the most significant loss of momentum.
