Ghana’s economy expanded by 6% in real terms in the second quarter of 2026, although the pace of growth slowed compared with the same period in 2025.
The latest figures from the Ghana Statistical Service (GSS) show that real GDP increased from GH¢48.4 billion in Q2 2025 to GH¢51.3 billion in Q2 2026.
However, the 6% expansion was slower than the 6.6% growth recorded in the second quarter of 2025, suggesting a moderation in economic activity despite a significant improvement in price conditions.
Government Statistician, Dr Alhassan Iddrisu, said the latest data reflected continued economic expansion alongside a substantial easing of economy-wide price pressures.
Services remain dominant
The services sector remained Ghana’s largest contributor to economic activity, accounting for 45.9% of GDP.
The sector contributed 57.6% of total GDP growth in the quarter, although its growth rate slowed from 9.5% in Q2 2025 to 8% in Q2 2026.
The figures indicate that services remain the primary engine of Ghana’s economic expansion despite the moderation in growth.
Industry records stronger growth
The industrial sector, which accounted for 33.1% of GDP, recorded improved performance during the quarter.
Industry grew by 4.3%, compared with 2.4% in the same period a year earlier, and contributed 23.5% of overall economic growth.
The improvement was driven largely by developments in the oil and gas sector, which provided a significant boost to industrial activity.
Agriculture growth slows significantly
Agriculture, which is approximately 21% of Ghana’s economy, recorded more modest growth.
The sector expanded by 3.9% in Q2 2026, a sharp slowdown from the 7.1% growth recorded in Q2 2025.
Agriculture contributed 13.3% of total GDP growth during the period.
The weaker performance highlights the challenges facing parts of the agricultural economy despite overall expansion.
ICT emerges as a major growth area
One of the strongest performances came from the information and communications technology (ICT) sector, which recorded a remarkable 30.9% growth.
The performance highlights growing activity within Ghana’s digital economy and reinforces the increasing importance of technology-related services to economic growth.
However, the data also revealed a significant contraction in fishing, which declined by 24.7%.
The sharp fall raises concerns about the economic wellbeing of fishing-dependent communities and the potential implications for food supply and livelihoods.
Price pressures ease considerably
A major positive development in the latest GDP figures was the significant reduction in economy-wide price pressures.
The GDP deflator, a broad measure of changes in the prices of goods and services produced within the economy, fell from 18.6% in Q2 2025 to 5.5% in Q2 2026.
This represents a 13.1 percentage-point decline over the period.
The combination of continued economic growth and significantly calmer price conditions could provide some relief to households and businesses, particularly after periods of elevated inflation and rising production costs.
Mixed picture for Ghana’s economy
Overall, the Q2 2026 figures present a mixed picture of Ghana’s economic performance.
While growth remains positive at 6%, the slowdown from the previous year’s 6.6% rate shows that the pace of expansion has moderated.
At the same time, the sharp decline in the GDP deflator represents a significant improvement in the price environment.
The strong performance of ICT and industry also provides positive signals, while slower agricultural growth and the contraction in fishing highlight areas that may require greater policy attention.
The latest figures therefore suggest an economy that continues to expand, but with growth increasingly shaped by differences in performance across sectors and a notably more stable price environment.
