How information and cocoa powered Ghana to its fastest growth in years

Ghana's economy closed 2025 on a high note, posting its strongest annual expansion since before the pandemic, as the non-oil sector decisively took the reins from a volatile petroleum industry. 

Provisional data released by the Ghana Statistical Service (GSS) on March 16, 2026, shows the economy grew by 6.0 per cent for the full year, accelerating from 5.8 per cent in 2024 and marking an improvement in the country's diversification efforts.

The momentum was particularly pronounced in the final quarter. Real Gross Domestic Product (GDP) expanded by 5.8 per cent in the three months to December 2025, a sharp acceleration from the 4.0 per cent recorded in the same period of 2024. 

This brought the total value of the economy in nominal terms to an unprecedented GH¢1.43 trillion, up from GH¢1.18 trillion the previous year.

According to the detailed statistical bulletin released alongside the headline figures, the economy's resilience is now firmly anchored in activities outside the extractive sector. Non-oil GDP surged by 7.1 per cent in the fourth quarter, compared to 4.8 per cent a year earlier, effectively insulating the broader economy from a dramatic 16.8 per cent contraction in oil and gas production.

The data underscores a structural shift that has long been the goal of policymakers. The services sector, already the largest component of the economy, has solidified its role as the primary engine of growth. It accounted for 50.6 per cent of GDP in the final quarter and contributed a staggering 63.4 per cent of the total economic expansion. Within the sector, the digital economy continued its relentless rise; Information and Communication was the star performer, expanding by a blistering 28.3 per cent year-on-year in Q4, followed by Transport and Storage (10.6 per cent) and Education (11.3 per cent).

Agriculture staged a notable comeback, growing by 5.3 per cent in the fourth quarter, driven by a 6.6 per cent increase in crop production. Most critically for export revenues and rural livelihoods, the cocoa sub-sector rebounded to positive growth of 3.0 per cent, reversing a sharp 12.8 per cent contraction experienced in the same period of 2024.

The industrial sector delivered a more mixed performance. While overall industry grew by a modest 1.9 per cent, this was a significant improvement from the near-stagnant 0.3 per cent recorded in Q4 2024. The severe slump in oil and gas was partially offset by robust performances elsewhere: manufacturing expanded by 6.1 per cent, while electricity generation recorded a remarkable 12.2 per cent growth, suggesting increased capacity and stability in power supply.

The GSS data highlights a concentration of growth drivers, with services, crops, gold, manufacturing, and transport collectively accounting for nearly 87 per cent of the total expansion. While this underscores the economy's reliance on a core group of sectors, it also points to a broadening beyond traditional anchors like gold and cocoa to include modern, high-growth areas like information technology.

There were also encouraging signs on the inflation front. The GDP deflator, a broad measure of price changes across the economy, showed lower growth, indicating that the strong economic performance is coinciding with a period of greater price stability as the year drew to a close.