Ghana’s Economic Growth Slows to 4.5%

“The economy continued to expand in July 2025, though at a slower rate compared to the same period last year,” Dr. Iddrisu said.“The MIEG helps track monthly changes in economic activity, providing timely insights for policy and investment decisions.”

The Services sector maintained its position as the main driver of growth, recording 6.4% expansion in July 2025, up from 4.5% in July 2024. It accounted for 58.4% of the overall MIEG growth, underscoring its dominance in Ghana’s economic structure.

The Agriculture sector also posted a strong rebound, growing by 8.0% compared to 2.4% a year earlier. The GSS attributed this performance to increased productivity in crop and livestock production, which contributed 37.1% of the total monthly growth.

In contrast, the Industry sector recorded a steep decline, expanding by only 0.1% in July 2025 — a sharp drop from the 17.7% growth seen in July 2024. Its contribution to the overall MIEG growth was minimal at 0.9%, reflecting weak performance in manufacturing and construction.

According to the GSS, while services and agriculture continue to demonstrate resilience, the sharp slowdown in industrial output highlights structural weaknesses in Ghana’s productive base. High production costs, volatile input prices, and declining external demand were cited as major drags on industrial activity.