Ghana’s economy grew by 5.5% in the third quarter of 2025, according to new provisional figures from the Ghana Statistical Service (GSS), extending a run of solid growth but slowing from the sharp rebound recorded last year.
The data, released in line with the GSS 2025 product calendar, cover the period July to September and form part of the quarterly GDP series used to track the pace and structure of economic recovery.
Real GDP increased by 5.5% year-on-year in Q3 2025, down from 7.0% in the same quarter of 2024, when the economy was rebounding more strongly from the recent crisis years.
In nominal terms, the size of the economy rose to about GHC339.4bn in the third quarter, up from GHC293.1bn a year earlier. Real GDP for the quarter reached GHC50.8bn, compared with GHC48.2bn in Q3 2024.
The non-oil economy – which strips out the volatile petroleum sector and is seen as a better gauge of underlying activity – grew faster than the headline figure. GSS data show non-oil GDP expanding by about 6.8% in Q3, with non-oil nominal GDP climbing to GHC331.5bn and non-oil real GDP to GHC48.7bn.
Seasonally adjusted figures suggest the economy also grew on a quarter-on-quarter basis, with real GDP up by around 1.3% compared with the second quarter, slightly faster than in the same period last year.
Agriculture was the standout performer in the latest numbers. The sector grew by 8.6% year-on-year in Q3, a sharp improvement on the 2.5% recorded in the third quarter of 2024.
Within agriculture, fishing posted one of the strongest performances in the entire economy, expanding by about 23.1% after contracting by more than 6% in the same period last year. Analysts say the rebound in fishing and crops is positive for food supply and may help ease pressure on food prices, which have been a key driver of inflation in recent years.
Crops, alongside fishing, remained a major contributor to overall GDP growth, underlining the continuing importance of primary production to Ghana’s economic base.
The industrial sector grew by only 0.8% in Q3, a sharp slowdown from the 11.4% growth recorded in the same quarter of 2024. The weak headline number mainly reflects a steep contraction in the oil and gas sub-sector, which shrank by about 18.2% in the quarter. Mining and quarrying also recorded negative growth, adding to the drag on overall industrial output.
Despite the poor performance in extractive activities, some parts of industry showed resilience. Manufacturing expanded by around 3.9% and remained one of the key sub-sectors driving growth, together with food processing and related value chains linked to agriculture.
Services continued to account for the largest share of the economy, making up about 40% of GDP in the third quarter. The sector grew by 7.6% and contributed well over half of the overall growth recorded in the period.
Information and communication activities once again led services growth, with ICT expanding by about 17%. Trade, transport and storage, manufacturing-related services and education were also among the strongest performers. According to the GSS, ICT, crops, trade, transport and storage, manufacturing and education together accounted for roughly 86% of total GDP growth in Q3.
At the same time, several service sub-sectors contracted, including health, accommodation and food services and some personal service activities, reflecting the uneven nature of the recovery.
The GSS report indicates that the GDP deflator, which tracks the price level of all goods and services included in GDP, grew more slowly than before, suggesting some moderation in underlying price pressures.
The new growth figures come as headline consumer inflation has fallen sharply from its 2023 peaks. By October 2025, inflation had dropped to about 8%, its lowest level in more than four years, according to recent data cited by the Finance Ministry and the Bank of Ghana.
On the back of this disinflation, the central bank has delivered a series of large policy rate cuts in 2025, bringing the main policy rate down to about 18% after cumulative reductions of 1,000 basis points. Policymakers say the easing is intended to support growth while keeping inflation within the target band into 2026.
The third-quarter GDP release is the first full set of growth data since the government outlined a stringent economic adjustment plan earlier in the year, combining spending cuts and revenue measures as part of efforts to stabilise public finances and exit its debt crisis.
Finance Minister Cassiel Ato Forson has told parliament that Ghana is now “recovered, stable and ready” for sustained expansion, projecting GDP growth of at least 4.8% in 2026, following an average growth rate of about 6.3% in the first half of 2025.
The Q3 figures from the Statistical Service appear broadly consistent with that narrative: headline growth is off last year’s highs but remains robust by recent standards, and is being driven mainly by non-oil sectors such as agriculture and services rather than by oil production.
However, the sharp contraction in oil and gas, along with weakness in parts of mining and some service activities, highlights ongoing vulnerabilities. Economists say sustaining growth at around 5–6% will require continued stability in prices and the exchange rate, progress in restructuring public debt, and targeted support for productive sectors, particularly agriculture, manufacturing and digital services.
With one quarter of data still to come for 2025, the latest release from the GSS will help shape expectations for the full-year growth outturn and the policy choices facing the government and central bank as they balance consolidation with the need to keep the recovery on track.
