Ghana’s economy recorded a real GDP growth rate of 6.4 per cent in the first quarter of 2026, up from 6.2 per cent in the same period last year, according to data released by the Ghana Statistical Service (GSS) on Wednesday, June 10, 2026.
The growth accelerated as price pressures eased sharply, with the GDP deflator falling to 4.1 per cent. Non-oil GDP grew at a broad-based 6.3 per cent, underscoring the resilience of activity beyond the extractive sector.
Government Statistician Alhassan Iddrisu, presenting the data, said the economy’s performance reflects sustained momentum across most sectors.
Services lead the expansion
The services sector remained the largest growth engine, expanding by 7.1 per cent and contributing 48.3 per cent to overall GDP growth. Within services, Information and Communication surged by 25.2 per cent, making it the fastest-growing sub-sector in the economy. Transport and Storage grew by 13.0 per cent, while Trade, Repair of Vehicles and Household Goods expanded by 9.0 per cent.
However, Accommodation and Food Service Activities contracted by 13.6 per cent, becoming the main drag on the services sector. Health and Social Work also recorded a marginal contraction of 1.0 per cent.
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Industry accelerates on mining rebound
Industry grew by 6.9 per cent, a significant acceleration from 4.1 per cent recorded in the first quarter of 2025. The turnaround was driven by Mining and Quarrying, which rebounded to 10.7 per cent growth from 2.7 per cent a year earlier.
Oil and Gas also recovered strongly, posting 7.0 per cent growth compared to a contraction of 25.8 per cent in the first quarter of 2025. Manufacturing grew by 6.2 per cent, while Electricity expanded by 6.2 per cent. Water and Sewerage was the only sub-sector to contract, falling by 3.7 per cent.
Agriculture grows at slower pace
Agriculture grew by 4.0 per cent, down from 6.6 per cent in the first quarter of 2025. Forestry and Logging rebounded sharply to 9.0 per cent from a contraction of 2.5 per cent a year earlier. Crops, including cocoa, grew by 4.7 per cent, while cocoa recorded 3.8 per cent growth.
Fishing, however, contracted by 18.5 per cent, becoming the sole drag on the agricultural sector. Livestock grew marginally by 5.7 per cent.
Quarter-on-quarter momentum
On a seasonally adjusted basis, real GDP rose by 1.6 per cent compared to the fourth quarter of 2025, signalling sustained momentum into the second quarter.
The Monthly Indicator of Economic Growth, which tracks economic activity at a higher frequency, expanded across the quarter. The MIEG recorded year-on-year growth of 6.1 per cent in January, 7.7 per cent in February and 5.4 per cent in March. The overall MIEG index for March 2026 stood at 121.6, up from 115.4 in March 2025.
Services led the monthly growth in March with 8.6 per cent, followed by Agriculture at 4.2 per cent and Industry at 2.2 per cent.
Sectoral contributions
In nominal terms, the services sector was the largest contributor to GDP, accounting for 45.7 per cent of total output, followed by industry at 32.9 per cent and agriculture at 21.4 per cent. Net indirect taxes made up the remainder.
The Government Statistician noted that the broad-based growth across sectors reflects improved macroeconomic conditions, including lower inflation and a stable currency.
Policy implications
The GSS outlined policy implications for businesses, households and government. For businesses, the GSS recommended expanding investment in high-growth sectors such as ICT, Transport and Storage, Trade, Manufacturing and Mining, while leveraging macro stability to raise production, innovation and employment.
For households, the GSS advised rebuilding savings and investments as growth strengthens and price pressures moderate, while using improved conditions to boost productivity and human capital development.
For the government, the GSS recommended sustaining policies that support macro stability and private-sector growth, addressing weaknesses in Fishing, Accommodation and Food, and Water and Sewerage, while consolidating gains in ICT, Mining and Trade. It also urged accelerated infrastructure and digital-transformation investment.
The GSS noted that the GDP estimates are provisional and subject to revision as more data becomes available. The next GDP release will cover the second quarter of 2026.
Graphiconline.com
