By: ThinkBusiness Africa
Ghana’s economic momentum slowed in the third quarter of 2025, with real Gross Domestic Product (GDP) expanding by 5.5% year-on-year, according to latest data released on Wednesday by the Ghana Statistical Service (GSS).
The latest figures mark a cooling from the revised 6.5% growth recorded in the second quarter of the year. The moderation was primarily driven by slower growth in the crucial Services sector and a near-stagnation in the Industrial sector, which was largely offset by a robust surge in.
The Agriculture sector was the standout performer in Q3 2025, surging by a remarkable 8.6% compared to the same period in 2024; and a significant acceleration, up from 7.1% in Q2.
Fisheries sub-sector posted the highest growth of all economic activities, expanding by an impressive 23.1%, supported by favorable weather and improved government intervention programs.
The vital crops sub-sector remained the largest contributor to the sector’s gains, suggesting increasing productivity among small- and medium-scale farmers.
While still the dominant contributor to Ghana’s GDP (accounting for approximately 40% of the total economy), the Services sector recorded a notable slowdown of 7.6% in Q3, a decline from the 9.6% recorded in the prior quarter.
Key drivers like Information and Communication Technology (ICT) remained robust, posting a 17.0% increase. However, other sub-sectors like trade, transport, and financial services showed subdued performance, contributing to the overall cooling.
The Industrial sector saw its growth decelerate sharply to a modest 0.8%, down from 2.3% in Q2. The sector was significantly dragged down by the oil and gas sub-sector, which suffered a sharp 14.1% contraction, continuing a trend observed in recent quarters.
Providing a necessary counterweight, the Manufacturing sub-sector showed resilience, expanding by 3.9%.
The data reinforces the narrative that Ghana’s economy is increasingly driven by its non-oil sectors.
The Non-Oil GDP grew by a stronger 6.8% in Q3 2025, affirming the importance of broad-based economic activities in achieving stability.
GSS highlighted that just six sub-sectors—ICT, Crops, Trade, Transport and Storage, Manufacturing, and Education—accounted for nearly 86% of total GDP growth in the quarter.
“The 5.5% growth rate reflects continued resilience in the Ghanaian economy, particularly in the non-oil sectors. It underscores the ongoing structural shift where agriculture and services are becoming the primary engines of national output, compensating for the volatility in oil and gas production.” GSS said in a Statement.
Ghanaian Authorities are targeting 4% growth in 2025, with projections rising to 4.8% in 2026 on the back of expected reforms and improved fiscal stability.
As Ghana approaches the final quarter of 2025 and continues to implement policies under its IMF program, the focus will remain on sustaining the growth of the non-oil economy.
In November Ghana central bank slashed its key lending rate by 350 basis points to 18.0 %, marking the third reduction in its key rate this year. placing the policy rate firmly in an easing cycle designed to stimulate credit expansion and boost economic growth.
Ghana’s annual inflation peaked at 54% in January 2023,and dropped to a four-year low of 6.0% in November 2025, hitting the central bank’s medium-term target band of 6%-10%.
Since July 2025, the apex bank has now reduced the rate by a cumulative 1,000 basis points, unwinding a period of historically high rates used to combat the surging inflation of previous years.
