Ghana’s economic growth moderated sharply in November 2025, with the industrial sector recording a near standstill in expansion amid contraction in mining and upstream petroleum activities, according to provisional data released by the Ghana Statistical Service.
The Monthly Indicator of Economic Growth (MIEG) registered year-on-year growth of 4.2 per cent in November 2025, a significant deceleration from the 7.1 per cent recorded in the same month of 2024. The index rose to 122.7 from 117.7 a year earlier, signalling continued expansion but at a considerably slower pace.
While the November outturn represents a modest improvement from October 2025’s 3.8 per cent growth rate, the figures reveal growing disparities across sectors, with services and agriculture carrying an economy that industry is increasingly struggling to propel.
Services Lead, But Lose Steam
The services sector delivered 6.7 per cent growth in November 2025, contributing 57.7 per cent of total economic expansion. However, this marks a substantial slowdown from the 10.2 per cent growth recorded in November 2024.
Information and communication sub-sectors provided the primary impetus, reinforcing what analysts describe as Ghana’s structural pivot toward service-led economic transformation.
Agriculture Holds Steady
Agriculture posted 4.1 per cent growth in November 2025, edging above the 3.8 per cent recorded a year earlier. The sector contributed 32.4 per cent of overall growth, supported by sustained performance in crops and fishing activities.
The relatively stable agricultural outturn provided a crucial cushion against broader industrial weakness, the Statistical Service noted.
Industry Stalls
Industry recorded anaemic growth of just 0.4 per cent in November 2025 – a dramatic collapse from the 6.2 per cent expansion achieved in November 2024. The sector contributed a mere 2.5 per cent to total growth, underscoring its diminished role in the current economic cycle.
“This is an indication of a contraction in mining and quarrying largely on the back of contraction in upstream petroleum activities, compared to the same period last year,” the Statistical Service stated in its official release.
Sustained Recovery Despite Headwinds
Despite the year-on-year slowdown, the broader trajectory remains positive. The MIEG index has climbed steadily from 110.0 in November 2023 to 117.7 in November 2024 and now 122.7 in November 2025, pointing to two consecutive years of expansion.
The Statistical Service cautioned that the MIEG is a high-frequency, non-seasonally adjusted indicator released ahead of comprehensive quarterly GDP data, and is subject to revision as more complete information becomes available.
“The MIEG for November 2025 is provisional and subject to revision when more comprehensive and updated data becomes available,” the newsletter emphasised.
The data presents a complex picture for policymakers: sustained aggregate growth alongside worrying signals from the industrial sector, traditionally viewed as critical for durable, employment-intensive economic development.
