Ghana’s economic momentum eased in the third quarter of 2025, expanding by 5.5% compared to a revised 6.5% growth rate recorded in the previous quarter.
This is according to the latest national accounts data, released in Accra on Wednesday by Government Statistician Alhassan Iddrisu.
The data show that while the economy remains resilient, cooling activity in key sectors—particularly services and industry—tempered overall performance.
The revised data also show that Ghana’s second-quarter growth was adjusted from 6.3% to 6.5%, demonstrating an earlier-than-expected economic rebound before the latest moderation.
Sector Breakdown: Industry and Services Lose Steam
The industrial sector recorded one of its weakest performances in recent quarters, growing by just 0.8%, down from 2.3% in Q2.
Manufacturing, however, provided a bright spot within the sector, expanding 3.9%, the strongest industrial sub-sector performance.
Construction, mining, and quarrying activities remained subdued, reflecting slower domestic and export demand.
The services sector, which traditionally drives Ghana’s GDP, also cooled. It grew 7.6% in Q3, a notable decline from the revised 9.6% growth in the prior quarter.
Subdued performance in trade, transport, and information services contributed to the slowdown.
Financial services, still adjusting to tighter regulatory measures, also saw decelerated growth.
Agriculture Emerges as the Star Performer
In contrast to the cooling industrial and services sectors, agriculture surged, expanding 8.6%, up from a revised 7.1% in Q2.
The fisheries sub-sector delivered particularly strong output, supported by favorable weather conditions and improved government support programs.
The strong agricultural performance helped soften the impact of moderation in other sectors, providing a more balanced foundation for overall growth.
Government Eyes Stability as IMF Exit Nears
Ghana’s government has pledged to sustain fiscal and monetary discipline as it prepares to exit the three-year International Monetary Fund (IMF) support program.
Authorities are targeting 4% growth in 2025, with projections rising to 4.8% in 2026 on the back of expected reforms and improved fiscal stability.
The administration’s commitment to curbing debt accumulation, boosting domestic revenue, and improving expenditure efficiency remains central to its post-IMF strategy.
What you should know
In November, the Bank of Ghana cut its policy rate by 350 basis points to 18%, the largest single reduction in years.
Governor of the Bank of Ghana, Johnson Asiama, speaking in Accra, said the Monetary Policy Committee (MPC) voted overwhelmingly in favour of easing rates, citing stronger real interest rate conditions and confidence in the country’s inflation outlook.
The central bank signaled that further easing may follow in early 2026 as inflation continues to moderate and exchange rate pressures subside.
Nairametrics reported that Ghana’s inflation rate declined for the 11th consecutive month, reaching its lowest level in nearly seven years, with annual inflation dropping to 6.3% in November.
