Ghana’s economy grew by 7.4% in July 2026, but the Government Statistician says slowing agricultural growth requires targeted support to protect food prices, rural incomes and export earnings.
Government Statistician Alhassan Iddrisu has called on the government and the Bank of Ghana to use monthly economic data more actively in fiscal and monetary policy decisions, while directing targeted support towards agriculture to sustain Ghana’s economic expansion.
He said the July 2026 economic growth figures highlighted the need for policymakers to respond quickly to emerging sectoral weaknesses, particularly the slowdown in agriculture, even as services and industry recorded stronger performances.
The recommendations followed the release of the Ghana Statistical Service’s (GSS) Monthly Indicator of Economic Growth (MIEG), which showed that economic activity expanded by 7.4% year-on-year in July 2026, up from 4.9% in the same month in 2025. July 2026 MIEG PPT
Dr Iddrisu said the monthly indicator provided government, businesses and investors with timely information to assess economic conditions and make decisions without waiting for quarterly Gross Domestic Product (GDP) figures.
He urged the government and the Bank of Ghana to incorporate the monthly economic signals into budget execution and monetary policy reviews, enabling them to identify emerging risks and respond before they become more disruptive.
A key recommendation was for the government to strengthen agricultural support through improved access to inputs, irrigation and storage facilities.
The call comes as agricultural growth slowed to 3.7% in July 2026, from 8.2% a year earlier, raising concerns about the sector’s contribution to food availability, rural livelihoods and export earnings.
Although agriculture continued to expand, the slower pace contrasted with the stronger performance of industry and services, highlighting the need for policies that sustain production and prevent the sector from becoming a drag on broader economic growth.
For Ghana, where agricultural production supports rural employment, food supply and export activity, sustained growth in the sector remains important to the wider economy.
The Government Statistician’s recommendations also point to the need for policymakers to look beyond headline economic growth and assess whether expansion across sectors is sufficiently broad-based to support livelihoods and economic resilience.
Services Dominate Economic Expansion
The July figures showed that services remained the main driver of economic growth, expanding by 12.2%, compared with 6.7% in July 2025.
The sector accounted for 63.8% of total economic growth during the period, supported mainly by information and communication activities.
Industry also recorded a strong recovery, growing by 5.4% from 0.4% a year earlier, with mining and quarrying identified as the main drivers.
Agriculture, by contrast, contributed 14.1% of overall growth, while industry accounted for 20.5%. Net taxes contributed the remaining 1.6%.
The concentration of growth in services presents both opportunities and risks for the economy.
While the sector’s strong performance signals expanding economic activity, reliance on one dominant sector could leave growth vulnerable if momentum weakens.
The Government Statistician therefore urged businesses and investors to use monthly economic data to guide their planning, noting that services, particularly digital and communication activities, offered the strongest growth momentum in July.
Households and labour unions were also encouraged to consider the pace of economic expansion when making decisions on wages, savings and spending.
Monthly Data To Guide Economic Decisions
Dr Iddrisu emphasised that the MIEG was designed to provide an early indication of economic conditions, allowing policymakers to identify changes before the release of quarterly GDP figures.
The indicator combines monthly information from agriculture, industry and services into a single measure of economic activity, with inflation removed to better reflect changes in output.
However, the GSS cautioned that the indicator remained experimental, covered fewer activities than quarterly GDP and was not seasonally adjusted. The figures were also provisional and subject to revision as more comprehensive data became available.
The Government Statistician called on researchers, civil society organisations, the media and international partners to use the data, scrutinise the findings and provide feedback to improve its quality and usefulness.
