Ghana’s economic activity surged by 7.4% year-on-year in July 2026, marking a notable acceleration from the 4.9% growth recorded in the same period last year, according to the latest data from the Ghana Statistical Service (GSS).
The strong performance was underpinned by robust expansion in the services sector and a significant recovery in industry, which together offset a pronounced slowdown in agriculture.
The Monthly Indicator of Economic Growth (MIEG) index climbed to 121.6 in July 2026, compared to 113.2 a year earlier, signalling increased economic momentum. Services led the charge, expanding by 12.2% year-on-year, almost double the 6.7% growth seen in July 2025. The sector accounted for 63.8% of the overall growth, solidifying its role at the heart of Ghana’s economic progress, with the information and communication sub-sector as the main driver.
Industry also bounced back, growing by 5.4% after eking out just 0.4% growth a year earlier. Mining and quarrying provided much of the impetus behind the sector’s recovery.
However, agriculture lagged behind the broader trend. The sector grew by only 3.7%, a sharp drop from the 8.2% expansion recorded in July 2025, with crops and livestock leading the modest gains.
The data highlight Ghana’s increasing reliance on services for economic growth, a trend that could pose risks should momentum in the sector wane. The Ghana Statistical Service has urged policymakers to not only sustain the gains in services but also intensify efforts to strengthen agriculture and broaden the contributions of other productive sectors to ensure balanced and resilient economic growth.
Source: Apexnewsgh.com