Ghana’s economy expands 5.1% in May 2026; services drive expansion, agriculture slows
Presenting the report, the Government Statistician, Dr. Alhassan Iddrisu, explained that the latest figures indicate the economy is still expanding, although at a gentler pace than a year earlier.
Ghana's economy expanded by 5.1% in May 2026, as reported by the Ghana Statistical Service (GSS). Services remained the primary driver of growth, with the sector growing by 7.2% year-on-year. Industry also expanded, albeit at a slower pace of 4.2% compared to 4.6% in May 2025. Agriculture, however, experienced a notable slowdown, with growth contracting to 3.6% from the previous year's 9.8%.
Dr. Alhassan Iddrisu, the Government Statistician, noted that while the economy continued to expand, the pace of growth had moderated compared to the previous year's 6.6% expansion in May 2025. The report cautioned that the economy is becoming increasingly reliant on the services sector, which now accounts for 51% of the country's overall economic growth, up from the previous year's 52.3%. The report also highlighted the vulnerability of the economy to a slowdown in the services sector.
The GSS emphasized the need for targeted policy support, particularly for agriculture, due to the sector's slowdown. This slowdown could have implications for food prices, rural incomes, and export earnings. The Monthly Indicator of Economic Growth, an experimental high-frequency measure, provides an early indication of economic performance ahead of the release of quarterly Gross Domestic Product (GDP) data.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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