Ghana’s pace of economic expansion eased in November 2025, as a pronounced slowdown in the industrial sector offset continued growth in services and agriculture.

Provisional figures from the Ghana Statistical Service’s Monthly Index of Economic Growth (MIEG) indicate that economic activity grew by 4.2 per cent compared to the same period a year earlier, a sharp decline from the 7.1 per cent recorded in November 2024.

Despite the year-on-year moderation, the November outturn marked a slight improvement over October 2025, when the economy expanded by 3.8 per cent, supported largely by robust performance in the services sector.

The MIEG, which measures short-term economic trends, points to an economy that is still expanding but with uneven performance across key sectors.

Services remained the primary driver of growth, expanding by 6.7 per cent in November. While this represents a solid contribution, it falls well below the double-digit growth of 10.2 per cent achieved in the same month last year. The sector accounted for nearly 58 per cent of total economic growth, underlining its central role in Ghana’s economic structure.

Agricultural output also showed steady improvement, recording growth of 4.1 per cent, marginally higher than the 3.8 per cent registered a year earlier. The sector contributed just over 32 per cent to overall growth, reflecting its continued stability and importance to the economy.

Industrial activity, however, weighed heavily on overall performance. Growth in the sector slowed sharply to 0.4 per cent, down from 6.2 per cent in November 2024, largely due to weaker outcomes in mining and quarrying. As a result, industry accounted for only a small fraction of total economic expansion.

Overall, the November data highlights a cooling of annual growth compared to last year, even as the economy shows signs of gradual improvement relative to the previous month.

The figures are expected to influence market expectations ahead of upcoming gross domestic product releases and could inform fiscal and monetary policy decisions in the months ahead.