Accra — Ghana’s economy grew by 5.5 per cent in the third quarter of 2025, according to provisional data released on Wednesday (December 10, 2025) by the Ghana Statistical Service.
Although slightly lower than the 7.0 per cent growth recorded in Q3 2024, the latest figures show broad-based improvements across key sectors, especially agriculture, services and non-oil activities.
The Government Statistician, Alhassan Iddrisu (PhD), reported that nominal GDP for Q3 2025 reached GH¢339.4 billion, up from GH¢293.1 billion a year earlier. Non-oil nominal GDP also rose strongly to GH¢331.5 billion, compared to GH¢278.5 billion in Q3 2024; a sign that the economy’s momentum continues to come from non-oil sectors.
Real GDP for the quarter stood at GH¢50.8 billion, higher than GH¢48.2 billion recorded in the same period of 2024. Non-oil real GDP also improved to GH¢48.7 billion, from GH¢45.6 billion last year.
Agriculture posted a remarkable 8.6 per cent growth, recovering sharply from 2.5 per cent in Q3 2024. The fishing sub-sector was the standout performer, expanding by 23.1 per cent after contracting by 6.4 per cent in the previous year. Analysts say the strong agricultural performance is good news for food supply and price stability.
Industry struggles as oil drags output
The industrial sector grew by just 0.8 per cent, a steep slowdown from 11.4 per cent in Q3 2024. The main drag was the oil and gas sector, which contracted heavily by 18.2 per cent. Despite this, manufacturing remained resilient, expanding by 3.9 per cent, up from 7.4 per cent last year.
Mining and quarrying also contracted by 2.8 per cent, adding further pressure on the sector’s overall performance.
Services sector remains the backbone
Services maintained its position as the largest part of the economy, accounting for 40 per cent of GDP. The sector grew by 7.6 per cent and contributed nearly 59.5 per cent to overall growth, with ICT again leading the charge at 17.0 per cent.
The main drivers of GDP growth in Q3 2025 were:
• ICT
• Crops
• Trade
• Transport and storage
• Manufacturing
• Education
Together, these accounted for about 86 per cent of total growth.
Biggest gainers and losers
The top five expanding sub-sectors were:
• Fishing (23.1 per cent)
• ICT (17.0 per cent)
• Transport & Storage (10.4 per cent)
• Trade (10.0 per cent)
• Crops (8.3 per cent)
The largest contractions came from:
• Oil & Gas (-18.2 per cent)
• Health & Social Work (-9.7 per cent)
• Mining & Quarrying (-2.8 per cent)
• Accommodation & Food Services (-7.2 per cent)
• Other Personal Services (-3.5 per cent)
The report also noted that the GDP deflator showed slower growth, signalling some moderation in prices during the period.
Recommendations
In light of this economic performance, the Ghana Statistical Service (GSS) has outlined clear pathways for different actors in the economy to sustain and build upon this momentum.
For households, the surge in crops and fishing; which has eased food-price pressures—presents a critical opportunity. The GSS recommends that families use this period of improving food conditions to spend wisely and rebuild savings, creating a stronger financial buffer for the future.
For the business community, the data provides a strategic investment map. With over 80 per cent of third-quarter growth driven by ICT, Trade, Transport, Crops, and Manufacturing, the GSS advises businesses to shift capital and effort decisively toward these high-performing sectors. Redirecting resources to these areas will align private enterprise with the economy’s most dynamic engines.
For policymakers, the GSS suggests a dual task. While the sharp 18.2 per cent contraction in Oil & Gas must be urgently addressed to stabilise the industrial sector, there is a concurrent need to scale up policy and infrastructural support for the top performers. Reinforcing growth in ICT, Trade, Transport, and Agriculture is essential to maintaining the economy’s broad-based momentum and reducing its vulnerability to external shocks in the extractive industries.
