Ghana’s economy recorded a provisional growth rate of 3.8 percent in October 2025, marking a notable improvement from the 3.0 percent growth registered during the same period in 2024.
This was disclosed in the latest Monthly Indicator of Economic Growth released by the Ghana Statistical Service. The data point to a strengthening of economic activity and suggest a gradual recovery in momentum after months of subdued performance across key sectors of the economy.
According to the GSS, the year on year expansion reflects stronger output, particularly within the services and industry sectors. These sectors continue to play a critical role in sustaining economic growth at a time when agriculture remains under pressure. The October figures offer an important snapshot of short term economic trends and provide policymakers with timely insights ahead of broader quarterly and annual GDP assessments.
Services Sector Remains the Main Growth Engine
The services sector maintained its position as the dominant driver of Ghana’s economic growth in October 2025. The sector expanded by 5.5 percent during the month, slightly lower than the 5.6 percent growth recorded in October 2024. Despite this marginal slowdown, services accounted for an overwhelming 74.7 percent of total economic growth, underscoring its central role in the country’s economic structure.
Key contributors within the services sector included communication, wholesale and retail trade. These subsectors benefitted from sustained consumer demand, digital activity, and improved commercial transactions. The resilience of services continues to cushion the economy against weaknesses in other sectors and highlights the increasing shift toward a service oriented economic model in Ghana.
Industry Shows Stronger Recovery
The industry sector recorded a significant improvement in performance, posting a growth rate of 3.0 percent in October 2025. This represents a sharp rise from the 0.4 percent growth recorded in the same period last year. The stronger industrial output points to a broader expansion in manufacturing, construction, and related activities, reflecting improved operational conditions and renewed business confidence.
Industry contributed 28.7 percent to the overall economic growth recorded in October, making it the second largest contributor after services. This rebound is particularly important as industrial activity has the potential to support job creation, export growth, and value addition. The improved figures suggest that policy measures aimed at supporting industrial expansion may be yielding gradual results.
Agriculture Continues to Lag Behind
In contrast to the positive performance of services and industry, the agriculture sector experienced a notable slowdown in October 2025. Growth in the sector decelerated to 0.9 percent, compared to 2.1 percent recorded in October 2024. This weaker performance indicates that economic activity within agriculture was less pronounced during the period under review.
Agriculture contributed just 1.3 percent to the total economic growth recorded in October, highlighting its reduced impact on overall output. Factors such as climate variability, rising input costs, and structural challenges may have contributed to the subdued performance. The continued lag in agriculture raises concerns, given the sector’s importance for food security, rural employment, and inflation management.
Signs of Steady Economic Recovery
Overall, the October 2025 MIEG figures point to a steady recovery in Ghana’s economic momentum. The combination of resilient services activity and improving industrial performance has helped offset the slowdown in agriculture, resulting in a stronger growth outcome compared to the previous year. The 3.8 percent growth rate suggests that the economy is gradually stabilizing, even as challenges persist in certain sectors.
The GSS emphasized that the Monthly Indicator of Economic Growth is designed to complement quarterly and annual GDP estimates by offering a more frequent assessment of short term economic trends. This allows policymakers, investors, and analysts to track developments more closely and respond promptly to emerging risks or opportunities.
Implications for Policy and Economic Planning
The latest growth data reinforce the need for targeted policy interventions to sustain momentum in high performing sectors while addressing bottlenecks in weaker ones. Strengthening the services and industry sectors through infrastructure investment, digital innovation, and access to finance could further boost growth prospects. At the same time, renewed attention to agriculture will be critical to ensure balanced and inclusive economic development.
As Ghana navigates ongoing macroeconomic adjustments, the October growth figures provide cautious optimism. While the recovery remains uneven, the improving trend signals potential for stronger performance if supportive policies are maintained and sector specific challenges are addressed.
Ghana’s 3.8 percent economic growth in October 2025 reflects a gradual build up in economic momentum, driven largely by robust services activity and a rebound in industrial performance. Although agriculture continues to lag, the overall outlook suggests a more stable trajectory compared to the same period last year.
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