Ghana’s Economy Grows by 3.8% in October 2025 — Services Sector Leads Strong Performance.
Government Statistician Dr. Alhassan Iddrisu
Accra, Ghana- Ghana’s economy continued to build momentum in October 2025. New data from the Ghana Statistical Service (GSS) shows a 3.8 percent rise in economic activity compared to the same period last year. The provisional estimate from the Monthly Indicator of Economic Growth (MIEG) places the index at 112.7 for October 2025. This is up from 108.6 recorded in October 2024, signaling another month of steady, broad-based expansion.
Releasing the figures in a statement, Government Statistician Dr. Alhassan Iddrisu said the data shows “sustained growth in economic activity, led largely by strong performance in the services sector.” Services remain Ghana’s most dominant contributor to output. According to the report, services expanded by 5.5 percent year-on-year, accounting for nearly three-quarters of overall growth. Information and Communication activities, along with Trade, drove much of the surge. This signals continued strength in digital-driven commerce and consumer-facing services.
Industry also recorded positive performance, registering 3.0 percent growth over the same period, though this was slower than the services sector. Manufacturing remained the main driver, accounting for more than a quarter of the total increase in national economic activity. The latest figures suggest a gradually recovering industrial base. This recovery follows earlier volatility linked to supply chain pressures and energy costs.
Agriculture increased by 0.9 percent, still boosting overall expansion. GSS credits the growth mainly to higher fishing output, but notes that agriculture remains seasonal and will fluctuate in future reports.
The MIEG was introduced to provide policymakers and analysts with a faster read on economic performance between quarterly GDP releases. It aggregates multiple sources of real-time and administrative data across all sectors captured in national accounts. To ensure consistency, the indicator adjusts for inflation through monthly Consumer Price Index (CPI) and Producer Price Index (PPI) data. This strips out price effects to reflect real economic activity.
Dr. Iddrisu noted that while the MIEG is gaining prominence as a future-oriented gauge of economic performance, it remains classified as an experimental statistic. It is expected to be refined as more data becomes available. As with quarterly GDP, revisions may be made for up to 2 years to incorporate delayed entries and maintain consistency with the annual national accounts. He emphasized that year-on-year changes are currently the most reliable measure. The time series is not yet long enough to support month-to-month seasonal adjustments.
The GSS aims to release each monthly estimate within 75 days of the reference period. The next update, covering November 2025, is scheduled for publication on 11 February 2026. For now, the October figures reinforce the picture of an expanding economy.
This growth continues despite fiscal pressures, inflation concerns, and institutional hurdles. The economy is powered by services activity and a gradually strengthening industrial sector.
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