Ghana's Economic Growth Slows to 5.1% in May 2026, Services Sector Leads

Ghana's economy continued its expansion in May 2026, though at a moderated pace compared to the previous year. The economy grew by 5.1% year-on-year, down from 6.6% in May 2025, according to the Monthly Indicator of Economic Growth (MIEG) report by the Ghana Statistical Service (GSS).

The services sector remained the main engine of economic activity, posting a 7.2% growth and accounting for 51% of the overall expansion. Key contributors within this sector included information and communication, financial services, transport, and trade. The industry sector also showed steady growth, expanding by 4.2%, primarily driven by mining and quarrying activities. The agriculture sector grew by 3.6%, with crops and livestock supporting the increase, although this was a slower rate than the high growth recorded in May 2025.

Dr. Alhassan Iddrisu, the Government Statistician, highlighted the importance of the MIEG, likening it to a monthly health check-up for the economy, offering more timely insights than annual GDP figures. The GSS urged stakeholders to utilize this monthly data for informed decision-making, encouraging government and the Bank of Ghana to integrate the indicators into policy reviews, and advising businesses and investors to rely on evidence-based information for planning. The report also stressed the need for continued support for the agriculture sector through improved access to inputs, irrigation, and storage facilities.

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Waiting for quarterly GDP is like checking your health once a year. The MIEG is a monthly check-up on Ghana’s economy.