Economic Growth Slows to 4.2% in November 2025 as Industrial Activity Weakens
Ghana’s economic momentum eased in November 2025, as a sharp slowdown in industrial activity offset continued gains in the services and agriculture sectors, according to the latest provisional Monthly Index of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
The data show that the economy expanded by 4.2 per cent year-on-year in November 2025, a significant deceleration from the 7.1 per cent growth recorded in the same period a year earlier. However, the November outturn marked a modest improvement on October 2025, when economic activity grew by 3.8 per cent, supported largely by services sector performance.
The MIEG, which tracks short-term movements in economic activity, points to an uneven growth profile across sectors, despite the economy remaining on a positive expansion path.
The services sector continued to anchor overall growth, expanding by 6.7 per cent in November 2025. While robust, this represented a notable slowdown from the 10.2 per cent growth recorded in November 2024. Services accounted for 57.7 per cent of the overall 4.2 per cent expansion, underscoring the sector’s dominant role in Ghana’s growth dynamics.
Agriculture recorded year-on-year growth of 4.1 per cent, slightly higher than the 3.8 per cent achieved in November 2024. The sector contributed 32.4 per cent to total growth, reflecting steady performance and relative resilience.
By contrast, industrial activity weakened sharply. The sector expanded by just 0.4 per cent in November 2025, compared with 6.2 per cent in the same period last year, driven largely by subdued mining and quarrying output. Industry contributed only 2.5 per cent to overall growth, emerging as the principal drag on economic performance during the month.
Overall, the November figures point to cooling year-on-year growth dynamics, even as economic activity strengthened modestly compared with October.
The data are expected to inform market expectations ahead of upcoming GDP releases and guide policy considerations in the months ahead.
