Ghana’s economic growth moderated in November 2025 as weakness in the industrial sector offset sustained expansion in services and stable gains in agriculture, according to new data released by the Ghana Statistical Service.
The provisional Monthly Indicator of Economic Growth (MIEG), published on February 12, 2026, showed that the economy expanded by 4.2 per cent year-on-year in November 2025. This represents a slowdown compared with the 7.1 per cent growth recorded in November 2024, pointing to softer momentum in overall activity.
According to the official release, “The MIEG index for November 2025 is 122.7. This compares to an index figure of 117.7 in November 2024. The yearly growth rate of the index is therefore 4.2 per cent.”
Although growth eased on an annual basis, the November figure was slightly above the 3.8 per cent registered in October 2025, suggesting that economic activity continues to expand, albeit unevenly across sectors.
Services remained the dominant driver of growth, recording a 6.7 per cent year-on-year expansion. While this was lower than the 10.2 per cent growth achieved in November 2024, the sector continued to anchor overall performance. “The services sector was the main contributor to November 2025 growth. The sector contributed 57.7 per cent to the overall growth of 4.2 per cent in economic activities,” the Statistical Service reported.
Agriculture grew by 4.1 per cent, marginally higher than the 3.8 per cent recorded a year earlier, contributing 32.4 per cent to total growth, supported largely by crops and fishing.
Industry, however, slowed sharply, expanding by just 0.4 per cent compared with 6.2 per cent in November 2024.
“Industry recorded a MIEG of 0.4 per cent in November 2025 as compared to 6.2 per cent in November 2024. This is an indication of a contraction in mining and quarrying largely on the back of contraction in upstream petroleum activities, compared to the same period last year,” the release stated.
