Ghana’s latest Monthly Indicator of Economic Growth (MIEG) points to a deepening services-driven economic structure, with the sector accounting for nearly three-quarters of total growth recorded in October 2025, provisional figures from the Ghana Statistical Service show .
The MIEG recorded an overall 3.8 percent year-on-year growth in October 2025, up from 3.0 percent in October 2024, indicating stronger economic activity despite lingering global and domestic uncertainties.
However, a closer look at the data reveals that growth was highly concentrated in services, raising important policy questions about sectoral balance and resilience.
According to the release, the services sector expanded by 5.5 percent, contributing 74.7 percent to total economic growth.
Key drivers included information and communication, alongside wholesale and retail trade, underscoring the growing influence of digital services, telecommunications, and commerce in Ghana’s economy.
In contrast, the industry sector, while improving, contributed 28.7 percent to growth after recording 3.0 percent expansion in October 2025. This marked a significant recovery from the previous year, supported mainly by manufacturing activity.
Economists say this improvement could reflect easing supply constraints and gradual recovery in industrial demand.
The agriculture sector, traditionally a major employer, contributed just 1.3 percent to growth after expanding by 0.9 percent in October 2025.
The slower pace compared to last year highlights ongoing concerns around productivity, climate exposure, and structural transformation within the sector.
The MIEG index itself increased from 105.4 in October 2023 to 112.7 in October 2025, confirming a steady upward trend in economic activity over the past two years.
However, the GSS emphasised that the indicator is more volatile than quarterly GDP and relies on first-available data, requiring cautious interpretation .
Policy analysts note that while the dominance of services reflects progress in modern sectors, it also underscores the need for targeted interventions to strengthen agriculture and accelerate industrial value addition.
Without balanced sectoral growth, experts warn that job creation and long-term resilience could be constrained.
The full MIEG data series, alongside a technical manual and user guide, is available on the GSS website and StatsBank portal, providing stakeholders with tools to better understand Ghana’s evolving economic landscape.
