Ghana’s economy grew 3.8 percent in October 2025, representing a 0.8 percentage point increase over the same period in 2024, according to provisional data released Wednesday by the Ghana Statistical Service (GSS).
Government Statistician Alhassan Iddrisu announced the figures during a press briefing in Accra, attributing the expansion primarily to services and a notable recovery in industrial activity. The October reading reinforces signs that output is firming after a prolonged adjustment period, though growth remains uneven across sectors.
The services sector recorded growth of 5.5 percent in October 2025, marginally down from 5.6 percent in October 2024, but continuing to anchor overall economic performance. Communication, wholesale and retail trade drove much of the sector’s expansion, with services contributing 74.7 percent of the total 3.8 percent growth recorded during the month.
Industry showed clearer signs of recovery, recording growth of three percent in October compared with just 0.4 percent during the same period in 2024. Manufacturing activity drove much of the rebound, helping industry contribute 28.7 percent to overall growth. The turnaround suggests easing constraints in production and trade, although analysts caution that the recovery remains fragile.
Agriculture recorded positive but modest growth of 0.9 percent, down from 2.1 percent a year earlier. The sector’s contribution to overall growth was marginal at 1.3 percent, reflecting seasonal patterns and slower expansion compared with last year. This underlines the uneven nature of the current recovery and continued reliance on services for headline growth.
The October figures from the Monthly Indicator of Economic Growth (MIEG) align broadly with other high frequency indicators pointing to strengthening momentum in the second half of the year. In its November 2025 monetary policy report, the Bank of Ghana noted that domestic growth continued to gain traction following a strong Gross Domestic Product (GDP) outturn of 6.3 percent in the first half of the year.
The central bank reported that earlier MIEG data showed provisional growth of 5.1 percent in August, driven mainly by services and agriculture. Its own Composite Index of Economic Activity posted a 9.6 percent increase by the end of September, with industrial production, international trade activity, private sector credit and consumption all contributing to the improvement.
Confidence surveys conducted in October also pointed to more optimistic expectations about current and future economic conditions, supported by an improvement in the Purchasing Managers’ Index as new orders picked up. These indicators suggest businesses and consumers are becoming more confident about Ghana’s economic trajectory despite ongoing challenges.
Ghana’s economy expanded 6.1 percent in the first three quarters of 2025, up from 5.7 percent over the same period in 2024, representing the fastest growth rate since 2019. Non oil GDP growth surged even higher to 7.5 percent, reflecting broad based expansion in the real economy where most jobs are created.
The strong services performance highlights the sector’s growing weight in Ghana’s output mix, even as other parts of the economy struggle to regain momentum. Services now account for nearly 40 percent of national output and remain the most influential driver of growth.
However, policymakers face the challenge of ensuring recovery spreads more evenly across all sectors. Agriculture’s modest contribution despite its importance for employment and food security suggests the sector needs greater policy attention and investment. Industry’s recovery, while encouraging, needs to be sustained through addressing infrastructure constraints, energy reliability and access to finance.
The October data arrives as Ghana continues implementing economic reforms following its debt restructuring and International Monetary Fund (IMF) programme. Headline inflation collapsed from 23.8 percent in December 2024 to 6.3 percent by November 2025, reaching the lowest level since February 2019. This dramatic decline in price pressures has helped restore purchasing power for households and eased cost pressures on businesses.
The country’s trade balance posted a surplus of 8.5 billion dollars by the end of October 2025, up from 2.8 billion dollars a year earlier. The current account surplus widened to 3.8 billion dollars in the first three quarters, from 0.6 billion dollars in 2024. These external account improvements have helped stabilize the cedi and rebuild foreign exchange reserves.
Major credit rating agencies responded positively to Ghana’s fiscal consolidation in 2025. Fitch, Moody’s and Standard & Poor’s all upgraded Ghana’s credit ratings, marking the first triple upgrade in years and representing a powerful endorsement of fiscal credibility. The ratings improvements are expected to facilitate Ghana’s re entry into global capital markets and ease borrowing costs.
Total debt fell from 726.7 billion cedis, representing 61.8 percent of GDP in December 2024, to 630.2 billion cedis, or 45 percent of GDP by October 2025. Officials characterized this as one of the sharpest debt reductions in Ghana’s history.
The government achieved a primary surplus of 1.9 percent of GDP by October 2025, tripling the initial target of 0.6 percent. This fiscal discipline marked a significant reversal from previous years and demonstrated commitment to macroeconomic stability.
Looking ahead, sustaining the growth trajectory will require continued policy discipline, infrastructure investment and reforms that broaden economic opportunities across all sectors and regions. The challenge for policymakers is to maintain momentum while ensuring prosperity reaches beyond services into agriculture and manufacturing, where most Ghanaians earn their livelihoods.
The GSS has scheduled the release of November 2025 monthly growth data for February 2026, continuing its commitment to providing timely economic indicators that help businesses, investors and policymakers make informed decisions.
