Ghana’s Economy Expands at Slower Pace in November 2025 — GSS
By Praisebell Rosemond Larbi
Ghana’s economy recorded a slower rate of expansion in November 2025, growing by 4.2 percent compared to 7.1 percent in the same period in 2024, according to the latest Monthly Index of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
Presenting the highlights of the report, Government Statistician, Dr. Alhassan Iddrisu, said the figures reflect a clear moderation in economic momentum.
“When we compare November 2025 with November 2024, one message is clear. The economy is still growing, but the pace of growth has slowed,” he stated.
The data show that while overall output remains positive, the stronger expansion witnessed last year has eased significantly, largely due to weakness in the industrial sector.
Agriculture Shows Modest Strength
The agriculture sector posted a growth rate of 4.1 percent in November 2025, slightly higher than the 3.8 percent recorded in November 2024. The sector contributed 32.4 percent of the overall 4.2 percent growth during the period.
Dr. Iddrisu attributed the improvement primarily to stronger performance in crop production and fisheries, noting that agriculture continues to demonstrate resilience despite structural and seasonal challenges.
The steady expansion underscores the sector’s importance in sustaining food supply, supporting rural incomes, and stabilizing economic activity amid fluctuations in other sectors.
Industry Slows Sharply
In contrast, the industrial sector experienced a sharp slowdown, expanding by just 0.4 percent in November 2025 compared to 6.2 percent in November 2024. Industry contributed only 2.5 percent to total growth.
The decline was largely driven by weaker performance in mining and quarrying, particularly in the oil and gas subsector. According to Dr. Iddrisu, the contraction in upstream petroleum activities significantly weighed on overall industrial output.
Given the extractive sector’s historically strong contribution to GDP, the slowdown in mining and oil production played a central role in moderating headline growth.
Services Remain the Main Driver
The services sector remained the largest contributor to economic expansion, growing by 6.7 percent in November 2025 and accounting for 57.7 percent of total growth. However, this was slower than the 10.2 percent growth recorded in November 2024.
Growth in information and communication services, reflecting increased digital activity, was among the key drivers within the sector. Despite the moderation, services continue to anchor Ghana’s economic performance.
Looking ahead to the fourth-quarter GDP figures expected in March 2026, Dr. Iddrisu noted that recent trends point to continued, though slower, expansion.
“The October and November MIEG suggest that economic activity in quarter four remains positive but slower than the previous year. Growth continues, but the momentum has eased, especially in industry and parts of services,” he explained.
The November 2025 data therefore portray an economy that remains on a growth path but is experiencing softer momentum, with industrial weakness offsetting gains in agriculture and services.
