Keypoints:
- Growth slows but stabilisation holds
- Inflation hits lowest since 2021
- Agriculture leads national output
GHANA’S economy expanded by 5.5 percent year-on-year in the third quarter of 2025, driven mainly by strong gains in agriculture and services, the Ghana Statistical Service said on Wednesday. The update shows a recovery that remains intact even as headline growth slows.
Government statistician Alhassan Iddrisu said the pace of expansion had eased from a revised 7.0 percent recorded in the same quarter of last year. He noted that the drag came largely from the industrial sector, which grew by only 0.8 percent.
‘Growth has moderated from last year, but the underlying drivers remain resilient,’ Iddrisu told reporters. ‘The slowdown is mostly a reflection of weaker industrial activity rather than a broad loss of momentum.’
Agriculture delivers the strongest lift
Iddrisu said agriculture had made an ‘outsized’ contribution to the overall performance, expanding by 8.6 percent on the back of stronger fishing activity and improved crop harvests.
‘Agriculture’s contribution to growth was outsized, showing a sector that is recovering quickly and adding real weight to the national output,’ he said.
Services expanded by 7.6 percent, supported by finance, insurance, trade and education. Officials say the rebound reflects improving confidence and credit conditions following months of monetary easing.
Non-oil real GDP grew by 6.8 percent, compared to 7.8 percent a year earlier, underscoring continued strength in domestic activity.
Inflation falls to four-year low
The new data comes as Ghana continues to pull itself out of its most severe economic crisis in decades. Annual inflation fell for the eleventh consecutive month in November to 6.3 percent — the lowest level since the country’s 2021 rebasing.
Iddrisu said the sharp decline in prices demonstrated the success of stabilisation efforts. ‘Seeing inflation fall consistently for almost a year signals that the policy measures are working,’ he said. ‘Households and businesses are responding to the stability.’
Analysts note that improved food supply, easing transport costs and tighter fiscal discipline have helped contain inflation.
Central bank cuts reinforce improved sentiment
With inflation dropping faster than expected, the Bank of Ghana has reduced its policy rate by a cumulative 1,000 basis points this year. The central bank says the easing aims to encourage lending, support private investment and prevent over-tightening as conditions improve.
Economists warn, however, that the recovery remains uneven. Manufacturing and construction continue to struggle with high input costs, weak external demand and slow capital spending.
Outlook brightens but challenges endure
Ghana, a major producer of gold, oil and cocoa, remains vulnerable to global commodity price volatility. While high gold prices are offering some relief, cocoa output continues to face disease pressure and erratic weather, limiting export gains.
Still, the latest figures point to a gradually strengthening economy. Inflation is easing, agriculture is rebounding, and services activity is solid — all of which have lifted expectations for 2026.
Iddrisu said the priority now is to reinforce the gains. ‘The recovery is taking shape, but we must continue to support the sectors that are lagging while consolidating stability,’ he said.
