Economy expands by 4.5% in July 2025

…services, agriculture sustain growth as industry slowdown

By Juliet ETEFE ([email protected] )

The country’s economy expanded by 4.5 percent in July 2025, according to the maiden Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).

“The MIEG estimated growth is 4.5 percent for July 2025, down from 8.3 percent in July 2024. This indicates an expansion of economic activities in July 2025, though lower than growth in July 2024,” GSS stated.

The provisional monthly reading shows growth driven largely by services and agriculture, which grew by 6.4 percent and 8.0 percent respectively.

It expatiated that: “The services sector recorded an increase of 6.4 percent in July 2025, up from 4.5 percent for July 2024. This indicates continued strong performance in the services sector as it contributed 58.4 percent of the 4.5 percent growth in the MIEG”.

For agriculture, it indicates that the sector’s performance improved by 8.0 percent for July 2025 compared to 2.4 percent in July of 2024. This indicates a faster pace of expansion in the agriculture sector, compared to growth in July 2024. The sector therefore contributed 37.1 percent of the 4.5 percent growth in the MIEG.

 

Industry sector slows

By contrast, the industry sector recorded only a 0.1 percent increase – reflecting a marked slowdown compared with the previous year.

The data has it that “industry performance moderated, recording a MIEG of 0.1 percent in July 2025 compared to 17.7 percent in July 2024. This is a marginal expansion in the industry sector, but much lower when compared to the same period last year. The sector contributed 0.9 percent of the 4.5 percent growth in the MIEG”.

GSS stressed that the MIEG is a leading, high-frequency indicator benchmarked to 2023 and intended as an early signal of quarterly GDP trends.

The MIEG’s sectoral detail highlights diverging performance across the economy. Agriculture was strengthened by stronger crop production and a robust fisheries catch, supporting the sector’s upward trend while services expanded on the back of wholesale & retail trade, information & communication and transport & storage, underpinning the economy’s resilience. Meanwhile, industry’s near-flat growth was influenced by weaker petroleum and gas output that offset gains in areas such as gold production.

Government Statistician Dr. Alhassan Iddrisu, who presented the results as part of the GSS launch of the MIEG, said the monthly index brings “near real-time” evidence to policymakers and market participants enabling earlier, evidence-based decisions than previously possible with quarterly data alone.

He reiterated that the MIEG uses many of the same source indicators as the quarterly national accounts and follows international standards.

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