Ghana’s Economic Growth Slows to 7.5% in January 2026 – GSS

Accra: The Monthly Indicator of Economic Growth (MIEG) from the Ghana Statistical Service (GSS) reveals a broad-based expansion across all three sectors in January 2026, despite a slowdown on a year-on-year basis. According to Ghana News Agency, the GSS data indicates that all three major sectors of the economy-agriculture, industry, and services-recorded growth in the first month of 2026, highlighting continued broad-based economic momentum. The economy expanded by 7.5% in January this year compared to the 8.2% recorded in the same month of 2025, with the January 2026 MIEG index standing at 119.2, up from 110.8 recorded the previous year. During a virtual presentation of the data, Mr. Alhassan Iddrisu, the Government Statistician, explained that the two growth rates (7.5% and 8.2%) indicate that while the economy continued to expand, the rate of expansion had eased. "This means that while the economy continues to grow, the pace has slowed slightly compared to last year. However, strong performance in Servi ces is helping sustain overall expansion," said Mr. Iddrisu. The MIEG is a high-frequency economic statistic designed to provide early monthly signals on the direction of Ghana's economy ahead of the full quarterly Gross Domestic Product (GDP) release. "Because MIEG is an early indicator, these results suggest that the first quarter of 2026 GDP is likely to record moderate but steady growth, supported mainly by the Services sector," Dr. Iddrisu explained. In terms of sectoral growth, the Services sector was the standout performer in January 2026, recording a growth rate of 9.6%, followed by Industry at 7.2%, and Agriculture at 4.5%. The strong services performance was primarily driven by education and information and communication technology (ICT), reflecting the ongoing digital transformation of the Ghanaian economy and growing demand for educational services at the start of the academic cycle. The moderation in industry growth was attributed to a slowdown in oil and gas activity within the mining and qua rrying subsector, compared to the robust performance recorded during the same period last year. "Since January 2023, when the industry index stood at 96.1, the sector has traced a consistent upward path through 103.0 in January 2024, 112.9 in January 2025, and now 121.0 in January 2026," Mr. Iddrisu stated. The agriculture sector's 4.5% growth, despite being lower than the 9.3% in January 2025, was driven by the crops and livestock subsector, which accounted for the bulk of agricultural output in Ghana. The Government Statistician explained that across all components, the composition of growth in January this year reflected an economy increasingly driven by its services sector. "This structural shift - with services now accounting for a dominant share of economic expansion - mirrors broader trends observed across sub-Saharan Africa's more diversified economies, where digital, financial, and social services are increasingly leading output growth," he noted.