Ghana economy expands 5.1% in May as growth momentum eases

Ghana’s economic expansion slowed in May 2026, with real economic activity growing by 5.1 per cent compared with 6.6 per cent recorded during the same month last year.

The latest figure from the Ghana Statistical Service (GSS) Monthly Indicator of Economic Growth (MIEG) represents a 1.5 percentage point decline in the pace of growth year-on-year.

The GSS, however, stressed that the moderation does not indicate a contraction in economic activity. Rather, the economy continued to expand in May, although at a slower rate than it did a year earlier.

The services sector remained the strongest contributor to growth, expanding by 7.2 per cent during the month. This was slightly lower than the 7.5 per cent recorded in May 2025.

Information and communication activities were among the key drivers of the services sector, highlighting the increasing contribution of digital and communications-related businesses to economic activity.

With services accounting for more than half of total growth in May, the sector continued to serve as the principal engine of Ghana’s economic expansion.

Agriculture, meanwhile, recorded a more pronounced slowdown. The sector grew by 3.6 per cent in May, compared with 9.8 per cent over the same period in 2025.

The moderation in agricultural growth could have wider implications if sustained, given the sector’s importance to employment, household incomes and food production, particularly in rural communities.

The industrial sector also expanded during the month, recording growth of 4.2 per cent compared with 4.6 per cent in May 2025.

Mining and quarrying provided the main impetus for industrial activity, reinforcing the continued importance of extractive industries to Ghana’s overall economic performance.

The May figures point to an economy that remains on an expansionary path, although the slower pace across key sectors suggests that the strength of growth will need to be closely monitored in the months ahead.

The performance also underscores the need to sustain productivity and investment across agriculture and industry while strengthening the services sector, particularly high-growth areas such as information and communication.