Provisional figures from the Ghana Statistical Service (GSS) show that Ghana’s economy grew by 6.1 percent in the first three quarters of 2025. This marks a stronger performance compared to the 5.7 percent growth recorded over the same period in 2024.
Growth in the non-oil sector—excluding oil and gas activities—was even more robust, expanding by 7.5 percent in 2025 Q1–Q3, up from 5.7 percent in the corresponding period of the previous year.
The growth rate recorded in just the third quarter of 2025 (5.5 percent) was less than the growth in the same period in 2024 (7.0 percent). However, the aggregate growth of the 2025 performance (first three quarters) exceeded the growth in the same period of 2024. Therefore, the real GDP in 2025 in the third quarter has outperformed the 2024 same period performance.
Industrial Sector Underperforms
In looking at the broader picture, the agriculture and services sectors in 2025 Q1-3 outperformed the record of 2024 Q1-3. The agriculture sector recorded a growth of 7.4 percent in 2025 Q1-3 compared to 2.8 percent recorded in the same period in 2024. This shows a 4.6 percent year-on-year increase in the sector’s output for 2025 Q1-3.
The service sector in 2025 Q1-3 also recorded 8.3 percent growth compared to the 4.1 percent recorded in 2024 Q1-3. The service sector also shows a 4.2 percent year-on-year increase in 2025 Q1-3.
The agriculture sector contributed 24.6 percent to overall growth in 2025 Q1-3 compared to the sector’s 10.5 percent contribution to growth in the same period in 2024. The service sector also contributed to the overall GDP growth by 57.4 percent in 2025 Q1-3, compared to the sector’s 29.8 percent contribution in the same period in 2024.
These reveal clearly that the government’s initiative in the 2025 period for the two sectors has yielded significant outcomes. It serves as an assessment of the government in policy and implementation.
The industry sector grew by 2.4 percent in 2025 Q1-3, compared to 10.0 percent growth in the same period in 2024, which is a 7.6 percent shortfall. The sector also contributed 13.1 percent to the overall growth in 2025 Q1-3, compared to its recorded contribution of 56.1 percent in 2024 Q1-3.
The performance of the industry sector reveals the government’s shortfall in the sector. A lot more attention is needed in the oil and gas sub-sector to revamp the sector back to its glory days.
The non-oil component of the GDP continues to perform well as it records a growth of 7.5 percent in 2025 Q1-3, compared to the 5.7 percent growth recorded in the same period in 2024.
The sub-sector’s contribution did not change year-on-year (94.8 percent to GDP) in 2025 Q1-3 and 2024 Q1-3. This again shows the weak status of the oil and gas component of growth.
Data to Inform Policies
The provisional data from the Ghana Statistical Service (GSS) informs policies in different stages and structures. Clearly, the third quarter of 2025 needs to be analyzed. Even though the first three quarters of 2025 as a unit seem to have performed well, the third quarter trailed, reducing the growth potential of the economy.
The agriculture sector has proven that it has the capacity to significantly contribute to the country’s growth. The service sector, with the growth in Artificial Intelligence (AI) and online trade, more expansion is expected.
The government must increase policy and implementation through structural reforms to establish the sectors. The industry sector also requires fresh policy and approach.
Overall, Ghana’s economy showed resilience in the first three quarters of 2025, with strong performances in agriculture and services driving overall growth. However, the industrial sector, particularly oil and gas, underperformed, highlighting the need for renewed policy focus.
Sustained investment, structural reforms, and targeted interventions across key sectors will be crucial to maintaining momentum and ensuring balanced, long-term economic growth.
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