Ghana’s economy grew by 6.0% in the second quarter of 2026, bringing first-half growth to 6.2%, according to data released by the Ghana Statistical Service (GSS).
The latest figures show a marginal slowdown from the 6.6% recorded in the same period last year, but the economy continues to expand at a robust pace amid easing price pressures. Non-oil GDP remained resilient at 5.4% in the second quarter, with first-half non-oil growth reaching 5.9%.
Government Statistician Dr. Alhassan Iddrisu, who presented the data, noted that the economy produced GH¢51.3 billion worth of goods and services in real terms, up from GH¢48.4 billion in the second quarter of 2025.
Services and ICT lead the charge
The services sector, which accounts for 45.9% of GDP, remained the main engine of growth, expanding by 8.0% in the second quarter and contributing 57.6% of overall GDP growth.
Within the sector, information and communications technology (ICT) stood out as the strongest-performing activity, recording remarkable growth of 30.9% and contributing 41.5% of total GDP growth during the period. The performance underscores the growing weight of digital and technology-related activities in Ghana’s economic transformation.
“The 30.9% surge in ICT signals growing momentum in Ghana’s digital economy,” Dr. Iddrisu observed.
Oil and gas rebound boosts industry
The industrial sector expanded by 4.3% in the second quarter, up from 2.4% a year earlier, representing 33.1% of GDP and contributing 23.5% of overall growth.
The sector was supported by a strong rebound in oil and gas production, which grew by 21.4% during the period. The Jubilee Field recorded increased production, rising to 76,032 barrels per day in June from 67,256 bpd in January.
However, the outlook for the petroleum sector remains cautious. According to the Institute for Energy Security, Ghana’s crude oil production has declined for six consecutive years, falling from a peak of 71.44 million barrels in 2019 to 37.30 million barrels in 2025, with further declines projected. The 2026 Budget projects production of approximately 103,959 barrels per day.
The government has announced plans to reverse this trend, securing investment commitments exceeding US2 billion framework agreement to drill additional wells in the Jubilee and TEN fields.
Agriculture struggles as fishing contracts sharply
Agriculture, which accounts for 21% of the economy, expanded by just 3.9%, significantly below the 7.1% recorded a year earlier.
The sector was weighed down by a sharp 24.7% contraction in fishing activity, which emerged as one of the weakest-performing areas of the economy. The decline in fishing also affected the first quarter, where the subsector contracted by 18.5%.
“The contraction in the fishing sub-sector offset some of the gains recorded elsewhere within agriculture. This highlights the continuing challenges affecting productive activities in the fishing industry and the need to address the constraints limiting its performance,” Dr. Iddrisu said.
In response, the government has announced the establishment of Africa’s first Blue Food Innovation Hub, aimed at driving innovation in fisheries and aquaculture while attracting at least US$10 million in private sector investment by 2032.
Investment surges, domestic demand strengthens
A key positive development was the significant 53.0% increase in investment during the second quarter, reflecting renewed confidence in the economy. Fitch Solutions had earlier projected that fixed investment would grow by 10.0% in 2026, supported by the Bank of Ghana’s monetary easing cycle and the implementation of the Public-Private Partnership Act.
Domestic demand expanded by 11.2% during the period, while seasonally adjusted real GDP increased by 1.4% quarter-on-quarter.
Price pressures ease significantly
One of the most notable developments was a sharp moderation in economy-wide price pressures. The GDP deflator fell from 18.6% in Q2 2025 to 5.5%, a 13.1 percentage-point decline.
“The combination of continued economic expansion and significantly calmer prices is a notable development for households and businesses,” Dr. Iddrisu noted.
Fitch Solutions had earlier projected that average annual inflation would decline to 9.7% in 2026, down from 14.6% in 2025, driven by a reduction in the effective VAT rate and softer global energy prices.
Policy implications
With first-half GDP growth at 6.2% and non-oil growth at 5.9%, the data point to continued resilience in Ghana’s economy. However, the expansion remains concentrated in particular sectors, particularly services, ICT, oil and investment.
“Greater gains in agriculture, wider industrial activity and stronger transmission of economic growth into employment and household incomes could determine how broadly the expansion is felt across the economy,” analysts observed.
The Economic Intelligence Unit has projected real GDP growth of 5.3% for 2026, buoyed by monetary policy loosening, falling borrowing costs, and recovering market confidence as Ghana emerges from debt distress.
