Ghana’s economy recorded a year-on-year growth rate of 7.4 percent in July 2026, according to the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service, marking an acceleration from the 4.9 percent growth recorded in July 2025.
The latest figures show the economy’s MIEG index rose to 121.6 in July 2026 from 113.2 a year earlier, signalling stronger economic activity across all three major sectors of the economy.
The services sector emerged as the principal driver of growth, expanding by 12.2 percent year-on-year and accounting for 63.8 percent of overall economic growth during the period.
The sector’s index increased from 114.5 in July 2025 to 128.5 in July 2026, with information and communication activities identified as a key source of momentum.
Industry also posted a notable recovery, growing by 5.4 percent compared with just 0.4 percent in July 2025.
The sector’s index rose to 117.1 from 111.1 over the same period, supported mainly by mining and quarrying activities. Industry contributed 20.5 percent to total growth.
Agriculture maintained positive growth, expanding by 3.7 percent year-on-year. However, this represented a slowdown from the 8.2 percent growth recorded in July 2025.
The agriculture index increased from 109.6 to 113.7, with crops and livestock leading the sector’s performance. Agriculture accounted for 14.1 percent of overall growth.
According to the statistical service, the July 2026 results point to an economy that is gaining momentum but remains heavily reliant on services.
The data show that nearly two-thirds of economic growth originated from a single sector, highlighting the importance of broadening growth drivers across the economy.
The report also flagged agriculture as an area requiring attention, noting that the slowdown in the sector has implications for food prices, rural incomes and export earnings.
Government and the Bank of Ghana are encouraged to incorporate the monthly growth signal into budget execution and monetary policy reviews, while also supporting agricultural production through investments in inputs, irrigation and storage.
Businesses and investors, meanwhile, are urged to use the monthly data to guide planning decisions, particularly in high-growth service activities.
The MIEG, which is compiled using the United Nations System of National Accounts (SNA 2008), serves as an early indication of economic performance ahead of quarterly GDP releases.
The July 2026 estimates are provisional and remain subject to revision as additional data become available.
Source: businesspostonline
