Ghana’s economy grew by 5.8 percent in the fourth quarter of 2025, strengthening from 4.0 percent recorded in the same period of 2024, according to provisional Gross Domestic Product (GDP) estimates released on Tuesday March 17, 2026.
Real GDP at constant prices increased to GH¢56.4 billion in 2025 Q4, up from GH¢53.3 billion a year earlier, while Nominal GDP rose significantly to GH¢377.4 billion, compared with GH¢331.7 billion in 2024 Q4.
The data also show a quarter-on-quarter growth rate of 1.5 percent, up from 1.0 percent, indicating improved short-term economic momentum.
Economic expansion in the fourth quarter was largely driven by activities outside the oil and gas sector. Non-Oil Real GDP grew by 7.1 per cent to GH¢54.0 billion, compared with 4.8 percent growth and GH¢50.5 billion recorded in the same quarter of 2024.
Similarly, Non-Oil Nominal GDP increased from GH¢324.9 billion to GH¢373.8 billion, reinforcing the growing importance of non-oil sectors in sustaining growth.
Price pressures eased substantially during the period, with the GDP deflator slowing to 7.7 percent, down sharply from 24.8 percent in the fourth quarter of 2024.
The services sector remained the main engine of growth in 2025 Q4, expanding by 8.6 per cent and contributing 63.4 percent of overall economic growth, while accounting for 50.6 percent of GDP.
The fastest-growing sub-sectors in the quarter were:
Information and Communication (28.3%), Public Administration, Defence and Social Security (11.8%), Education (11.3%),Transport and Storage (10.6%) and Electricity (7.2%).
Conversely, contractions were recorded in Forestry and Logging (-10.4%), Accommodation and Food Service Activities (-4.5%), Water Supply and Waste Management (-4.0%), Real Estate (-2.0%), and Other Personal Service Activities (-2.0%).
Agriculture improved in the fourth quarter, growing by 5.3 percent, up from 3.2 per cent a year earlier. Crop production expanded by 6.6 per cent, while cocoa returned to positive growth at 3.0 per cent, after contracting by 12.8 percent in 2024 Q4.
Industry growth rose modestly to 1.9 percent, from 0.3 percent previously, supported by Manufacturing (6.1%) and Electricity (7.2%).
However, performance was constrained by a 16.8 percent contraction in Oil and Gas production. On an annual basis, Ghana’s economy grew by 6.0 percent in 2025, slightly higher than 5.8 percent recorded in 2024.
Nominal GDP increased from GH¢1,182.8 billion in 2024 to GH¢1,434.1 billion in 2025, while Real GDP rose from GH¢197.9 billion to GH¢209.6 billion. The Non-Oil Real GDP growth rate accelerated to 7.6 percent, compared with 6.1 percent in 2024, highlighting the continued shift toward non-oil growth drivers.
The GDP deflator eased to 14.4 percent, down from 25.9 percent, reflecting broad moderation in prices. In 2025, Ghana’s economy remained services-led, with sectoral shares of Services (45.9%), Industry (31.3%), and Agriculture (22.8%).
A small group of sectors—Information and Communication, Crops, Gold, Manufacturing, Transport and Storage, and Education—accounted for about 87 percent of total GDP growth, underscoring the main drivers of economic expansion.
