Ghana’s economy expanded by 7.5 per cent year-on-year in January 2026, driven largely by robust activity in the services sector, according to new data released by the Ghana Statistical Service (GSS).
The Monthly Indicator of Economic Growth (MIEG) index rose to 119.2 in January 2026, up from 110.8 in the same month last year, signalling sustained expansion across all three major sectors of the economy.
The services sector led the charge with a growth rate of 9.6 per cent, contributing 54.3 per cent to the overall expansion. Industry followed with 7.2 per cent growth, contributing 29.0 per cent, while agriculture grew by 4.5 per cent, accounting for 14.0 per cent of the total growth.
“The MIEG index for January 2026 is 119.2. This compares to an index figure of 110.8 in January 2025. The yearly growth rate of the index is therefore 7.5 per cent,” the GSS stated.
Sectoral Breakdown
Within the services sector, the education, information, and communication sub-sectors were the primary drivers of growth. Industry’s performance was buoyed by increased activity in mining, quarrying, and manufacturing. The crops and livestock sub-sector drove agriculture’s expansion, though the GSS noted that agricultural output remains highly seasonal, affecting monthly fluctuations.
Growth Moderates Compared to January 2025
Despite the positive performance, the pace of growth slowed relative to January 2025, when the MIEG recorded an 8.2 per cent expansion.
Agriculture saw a sharp moderation, declining from 9.3 per cent growth in January 2025 to 4.5 per cent in January 2026. Industry also eased from 9.7 per cent to 7.2 per cent, reflecting a slowdown in oil and gas activities within the mining and quarrying sub-sector.
However, the services sector accelerated from 7.7 per cent in January 2025 to 9.6 per cent in January 2026, indicating stronger economic activity compared to the same period last year.
Methodology and Revisions
The MIEG is a volume index measuring monthly changes in economic activity, with 2023 as the base year. The GSS cautioned that the January 2026 figures are provisional and subject to revision as more comprehensive data becomes available. The index is classified as experimental and will undergo continuous improvement.
“The MIEG follows the same revisions policy as the quarterly and annual national accounts. This means that the indicator is open for revision for up to two years,” the release noted.
The index is not seasonally adjusted, so only annual changes are reported. Month-on-month growth rates are not published due to potential seasonal distortions such as public holidays.
The next MIEG release, covering February 2026, is scheduled for 13 May 2026.
