Dr. Alhassan Idrissu
Ghana’s economy expanded by 5.1% in May 2026 compared to the same period last year, with the Services sector remaining the biggest driver of growth despite an overall moderation in economic activity.
The latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS) showed that while the economy continued to grow, the pace slowed from the 6.6% recorded in May 2025.
Presenting the report, the Government Statistician, Dr. Alhassan Iddrisu, explained that the latest figures indicate the economy is still expanding, although at a gentler pace than a year earlier.
According to the report, the Services sector recorded the strongest performance, growing by 7.2% year-on-year in May 2026, only slightly below the 7.5% growth recorded a year earlier. The sector was largely supported by information and communication activities and remained the largest contributor to overall economic growth.
Industry also maintained steady momentum, expanding by 4.2% compared to 4.6% in May 2025. The growth in the sector was driven mainly by mining and quarrying, highlighting the continued resilience of Ghana’s industrial activities.
Agriculture, however, experienced a significant slowdown. The sector grew by 3.6% in May 2026, down sharply from the 9.8% recorded in the corresponding period last year. GSS attributed the moderation partly to the exceptionally strong performance recorded in May 2025, with growth in 2026 led by crops and livestock.
The report further revealed that the services sector accounted for 51 percent of the country’s overall economic growth in May, while industry contributed 23.8%, agriculture 21.2% and net taxes 4%.
The GSS cautioned that although growth remains positive, the economy is becoming increasingly dependent on the services sector.
It noted that while growth is holding up, it is narrowing around a single sector, increasing the economy’s vulnerability should that sector weaken. It also warned that the slowdown in agriculture could have implications for food prices, rural incomes and export earnings, underscoring the need for targeted policy support.
The GSS urged government, the Bank of Ghana and businesses to incorporate the monthly growth indicator into policy and investment decisions, while recommending greater support for agriculture through improved access to inputs, irrigation and storage infrastructure.
The Monthly Indicator of Economic Growth is an experimental high-frequency measure that provides an early indication of economic performance ahead of the release of quarterly Gross Domestic Product (GDP) data. It is compiled using monthly data from the agriculture, industry and services sectors and follows international national accounts standards.
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