Ghana’s economy grew by 7.4 per cent year-on-year in July 2026, up from the 4.9 per cent recorded in the same period last year, driven largely by strong performance in the services sector, the Ghana Statistical Service (GSS) has said.
The July edition of the Monthly Indicator of Economic Growth (MIEG), released by the GSS showed that economic activity continued to expand, with services leading the growth, followed by industry and agriculture.
Speaking at the release of the report in Accra yesterday said, the Government Statistician, Dr Alhassan Iddrisu, said the latest figures provided an important indication of the economy’s direction and could help policymakers and businesses make timely decisions.
The MIEG index, he said rose to 121.6 in July 2026 from 113.2 in July 2025, indicating an acceleration in economic activity over the 12-month period.
“The figures suggest that Ghana’s economic recovery is gaining momentum, although the uneven performance of the three main sectors presents opportunities and challenges for policymakers,” Dr Iddrisu, stated.
He said the MIEG was designed to provide a monthly snapshot of economic activity, offering an early indication of trends ahead of the publication of quarterly Gross Domestic Product (GDP) figures.
Dr Iddrisu said the July 2026 figures were provisional and were not seasonally adjusted, meaning month-to-month movements should be interpreted cautiously.
The Government Statistician said the services sector remained the main driver of growth, expanding by 12.2 per cent in July 2026, compared with 6.7 per cent in the corresponding period last year.
The sector, Dr Iddrisu said accounted for 63.8 per cent of the overall growth recorded during the period, highlighting its increasing importance to Ghana’s economic performance.
He said the strong showing reflected the contribution of activities such as telecommunications, banking, transport and trade to the expansion of economic activity.
The Government Statistician indicated that industry recorded a notable improvement, growing by 5.4 per cent in July, compared with the marginal 0.4 per cent expansion recorded a year earlier.
The sector’s index increased from 111.1 to 117.1, with mining and quarrying identified as the main drivers of the recovery.
Dr Iddrisu said agriculture grew by 3.7 per cent, down from 8.2 per cent in July 2025.
Its index rose from 109.6 to 113.7, indicating that the sector continued to expand, albeit at a slower pace.
The GSS attributed the growth largely to crops and livestock, while cautioning that the lower rate partly reflected the exceptionally strong performance recorded in July last year.
Agriculture’s slower growth is significant because of the sector’s links to food supply, rural livelihoods and export earnings.
Sustained growth in agriculture could help strengthen food production, support rural incomes and ease pressures on food prices, while investment in industry could create jobs and increase the value of locally produced goods.
BY KINGSLEY ASARE
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