Ghana’s growth slows to 4.2% in November as industry falters

Ghana’s economic expansion lost pace in November 2025, with fresh data from the Ghana Statistical Service showing that a sharp slowdown in industry weighed on overall performance despite continued strength in services and steady gains in agriculture.

The provisional Monthly Indicator of Economic Growth, released on February 12, 2026, shows that economic activity grew by 4.2 per cent year on year in November 2025. This compares with a stronger 7.1 per cent expansion recorded in November 2024, signalling a cooling in the pace of growth.

According to the official release, “The MIEG index for November 2025 is 122.7. This compares to an index figure of 117.7 in November 2024. The yearly growth rate of the index is therefore 4.2 per cent.” 

While the November outturn marked a slowdown compared with the same period last year, it was marginally higher than the 3.8 per cent recorded in October 2025, suggesting that economic activity remains on an upward trajectory, albeit unevenly distributed across sectors.

The data show that the services sector continued to act as the primary engine of growth. Services expanded by 6.7 per cent year on year in November 2025. However, this was significantly slower than the 10.2 per cent growth registered in November 2024. Even so, services accounted for the largest share of total growth.

“The services sector was the main contributor to November 2025 growth. The sector contributed 57.7 per cent to the overall growth of 4.2 per cent in economic activities,” the Statistical Service reported. 

The expansion in services was driven largely by gains in the information and communication sub-sectors, reinforcing the structural shift of Ghana’s economy towards service-led growth.

Agriculture posted a growth rate of 4.1 per cent in November 2025, slightly above the 3.8 per cent recorded a year earlier. The sector contributed 32.4 per cent of the overall growth, reflecting relative stability in crop production and fisheries during the period. The Statistical Service noted that the increase was largely supported by crops and fishing activities. 

Industry, however, emerged as the weakest link. The sector recorded a modest growth rate of 0.4 per cent in November 2025, a sharp deceleration from the 6.2 per cent achieved in November 2024.

“Industry recorded a MIEG of 0.4 per cent in November 2025 as compared to 6.2 per cent in November 2024. This is an indication of a contraction in mining and quarrying largely on the back of contraction in upstream petroleum activities, compared to the same period last year,” the release stated. 

As a result, the industry contributed only 2.5 per cent to the overall 4.2 per cent growth rate, underscoring its limited impact on aggregate performance during the month.

Despite the moderation in year-on-year growth, the broader trend remains positive. The MIEG index has risen steadily from 110.0 in November 2023 to 117.7 in November 2024 and further to 122.7 in November 2025, pointing to sustained expansion over the two-year period. 

The Ghana Statistical Service cautioned that the MIEG is a high-frequency, non-seasonally adjusted indicator and should be interpreted carefully. It is released ahead of quarterly GDP data and is subject to revision as more comprehensive information becomes available.

“The MIEG for November 2025 is provisional and subject to revision when more comprehensive and updated data becomes available,” the newsletter noted.