Ghana’s economy expanded by 5.5 per cent year-on-year in the third quarter of 2025. The data, released by the Ghana Statistical Service (GSS), underscores a rebound in activity across a broad swathe of sectors, even as global economic headwinds continue to test many emerging economies.
Though this expansion rate is lower than the 7.0 per cent recorded in Q3 2024, it nevertheless signals resilience and structural shifts within Ghana’s economy, especially away from dependence on oil and toward more diverse, non-oil growth engines.
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A key driver of the Q3 success was the strong performance of the non-oil components of the economy. According to GSS, non-oil GDP increased markedly, highlighting the growing importance of agriculture, services, manufacturing, and other sectors outside extractive industries.
Within this non-oil segment, the agricultural sector stood out. Agriculture grew by 8.6 per cent compared with the same quarter in 2024, a sharp acceleration from the 2.5 per cent growth recorded in Q3 2024. This rebound reflects improving yields, favourable weather, or better farm management among small and medium-sized producers, especially those involved in crops and fishing.
The rebound in agriculture carries significance beyond growth figures. A revived agricultural sector helps bite into food-price pressures, improve food security, and stabilise consumer costs, crucial for households navigating global inflationary pressures.
While agriculture led the turnaround in Q3, the services sector remained the backbone of Ghana’s economy, contributing significantly to overall output and growth. Services grew by 7.6 per cent in Q3 2025, buoying demand across trade, ICT, transport, storage, and manufacturing-related services.
This consistent performance by services echoes growth trends earlier in the year: in Q1 2025, the economy grew by 5.3 per cent, largely driven by robust gains in services and agriculture, with non-oil real GDP growth reaching 6.8 per cent.
On the other hand, the industrial sector provided a more muted contribution in Q3. Overall industry growth slowed to just 0.8 per cent, weighed down principally by a contraction in the oil and gas subsector. Within industry, manufacturing registered modest gains, but mining, quarrying, and oil & gas lagged, underlining the challenges of over-reliance on extractive industries.
This divergence, strong non-oil and services growth contrasted with oil-sector drag, suggests the economy is evolving, but also highlights the fragility that remains if extractive industries are allowed to dominate.
Ghana’s Performance Amid Global Headwinds
Globally, 2025 has been a season of economic uncertainty for many emerging markets. Inflationary pressures, supply-chain disruptions, and fluctuating commodity prices have put strain on growth forecasts across Africa and beyond. Against this backdrop, Ghana’s 5.5 per cent growth in Q3 stands out as a modest but meaningful success.
For perspective, many economies with higher dependence on oil or a narrower set of export commodities have struggled to sustain steady growth, and some have even contracted. Ghana’s diversified growth, underpinned by agriculture, services, and non-oil sectors, therefore, offers a model of relative resilience.
Furthermore, the rebound in agriculture and non-oil activities may contribute to stabilising food prices and easing inflationary pressures at home, a critical concern globally, especially for low- and middle-income countries wrestling with cost-of-living challenges.
Opportunities and Cautions Ahead
The Q3 data presents both opportunities and warnings for policymakers, investors, and everyday Ghanaians. On one hand, the strong showing by agriculture, services, manufacturing, and trade suggests that structural reforms and diversification strategies may be bearing fruit. For foreign and domestic investors, sectors such as agriculture, ICT, transport, manufacturing, and trade emerge as promising arenas for capital deployment.
On the other hand, the steep contraction in the oil and gas sector, traditionally a key revenue and foreign-exchange earner, serves as a reminder of the vulnerability inherent in oil dependence. The slow growth in the overall industry underscores the need for Ghana to accelerate industrialisation, upgrade infrastructure, and foster value addition in non-oil sectors.
Moreover, sustaining growth will likely require continued policy support: investment in agricultural modernisation, support for small and medium enterprises, improving logistics and infrastructure, and enhancing the business environment to attract outside capital, especially in services and manufacturing.
Can Ghana Sustain This Momentum?
While the 5.5 per cent growth in Q3 2025 is encouraging, much depends on how Ghana capitalises on these gains. The rebound in agriculture and non-oil sectors signals a structural shift. But for long-term, inclusive growth, Ghana must pursue policies that strengthen domestic capacity, incentivise private investment, and ensure stability in macroeconomic conditions.
If the current trajectory holds, combining agricultural revitalisation, services expansion, and diversification beyond oil, Ghana could well emerge as a model of economic resilience in West Africa. But the window is narrow and demands thoughtful stewardship.
