Ghana’s economic growth momentum slowed to 4.2% in November 2025, down from 7.1% recorded in the same month in 2024, the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service disclosed.
Dr Alhassan Iddrisu, the Government Statistician, attributed the slowdown to weaker activity in the upstream petroleum sector and a sharp decline in mining and quarrying operations, even as the services sector continued to drive forward the economy.
On the other hand, he identified production activities, digital communication services, and public administration and social security services as the key drivers of the positive economic performance in November 2025.
“Overall economic activity in Ghana was 4.2% higher in November 2025 than in the same month in the previous year. This means Ghana produced 4.2% more goods and services in November 2025 than it did one year earlier,” Dr Iddrisu said.
The MIEG, which serves as an early indicator of quarterly economic performance before full Gross Domestic Product (GDP) data becomes available, showed the monthly economic growth index rising to 122.7 in November 2025 from 117.7 in November 2024.
While agriculture showed modest resilience in November 2025, services cooled in the same period, with industry recording a moderated growth, the Government Statistician stated.
He said the services sector grew by 6.7%, contributing 57.7% to the overall growth rate of 4.2%, largely driven by digital communication services and reflecting increased digital activity across the country.
“Services remained strong but cooled compared to the 10.2% growth recorded in November 2024. This confirms the continuing importance of services as an engine of Ghana’s economic growth in recent times,” Dr. Iddrisu noted.
The industrial sector presented a more subdued picture, growing by just 7.4% in November 2025 and contributing only 2.5% to overall growth – a slowdown from the 6.2% growth recorded in October 2024.
“The key reason is a decline in mining and quarrying activities, particularly oil and gas production. This slowdown signals emerging challenges within the extractive industries, which have historically been key contributors to the growth of the economy,” he stated.
On agriculture, Dr Iddrisu said there was a growth rate of 4.1% compared to 3.8% in November 2024, with a contribution of 22.4% to the overall growth rate, an improvement that reflected stronger performance in fisheries and crop production.
“Agriculture, as we know, is naturally seasonal, but it shows a steady upward trend over the past few years. This tells us that the sector remains resilient and continues to support food supply and rural livelihoods,” he said.
The Government Statistician recommended that the government ensured attraction of investments into the oil and gas sector that immediately impacted increase in production.
“If we’re able to attract the investment as a country in the sector, it depends on how fast those investments translate into crude oil production. Once they translate immediately into crude oil production, it will reflect in increase in production,” he said.
The MIEG is built using international standards, specifically the United Nations System of National Accounts, and brings together data from agriculture, industry, and services sectors.
However, Dr Iddrisu cautioned that the MIEG should be interpreted carefully as it is based on early, less detailed data and can be more volatile than quarterly GDP figures.
Dr. Iddrisu reaffirmed the Ghana Statistical Service’s commitment to producing timely, accurate, relevant, and credible statistics to support evidence-based decision-making for national development.
