Ghana’s economy expanded by 5.1 per cent in August 2025, driven largely by strong performance in the services and agriculture sectors, according to the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
The provisional August index stands at 108.0, up from 102.7 recorded in August 2024, signalling continued improvement in economic activity.
Announcing the findings in Accra, Government Statistician, Alhassan Iddrisu (PhD), described the MIEG as a high-frequency economic tool designed to track monthly changes in economic performance and provide early signals ahead of quarterly GDP releases. He noted that the index offers insights into the direction of the economy by assessing trends across agriculture, industry and services.
The August data shows the services sector as the key driver of growth, recording a 9.6 per cent expansion compared to the same period last year. The sector’s contribution amounted to 4.08 percentage points out of the total 5.1 per cent growth. The GSS attributed this performance to increased activity in Information and Communication, Education, Wholesale and Retail Trade, and Transport and Storage.
Agriculture also recorded strong gains, growing by 7.4 per cent between August 2024 and August 2025. The GSS explained that the improvement was supported mainly by crop production and higher fish catch volumes. Agriculture contributed 1.39 percentage points to total growth.
Industry remained the only sector to contract, shrinking by 1.8 per cent in August 2025. Despite increased gold production, the overall performance was weighed down by declining petroleum output and reduced manufacturing activity. The contraction dragged overall growth by 0.62 percentage points.
The report also highlighted a revision to the July 2025 MIEG, which has been adjusted to 3.7 per cent, down from the provisional 4.5 per cent announced in October. The revision was driven by updated data from mining and quarrying, manufacturing, trade, accommodation and food services, and transportation and storage.
According to the GSS, the MIEG remains provisional and subject to revision for up to two years as more comprehensive data becomes available and is aligned with quarterly and annual national accounts.
The Service emphasised that the indicator is not seasonally adjusted, and therefore month-on-month comparisons are not provided due to influences such as seasonal crop cycles and festive periods.
The GSS noted that future releases will feature expanded time series and more detailed sub-sector breakdowns as part of ongoing improvements. The next MIEG update, covering September 2025 along with the third quarter GDP estimate, is scheduled for 10 December.