Economic activity in Ghana recorded a strong year-on-year expansion of 7.7 percent in February 2026, according to the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
The MIEG — a volume-based index designed to track short-term movements in economic activity — rose to 111.3 in February 2026, up from 103.3 recorded in the same period last year, underscoring a broadly resilient economy despite ongoing global and domestic pressures.
A breakdown of sectoral performance shows that the services sector remained the dominant driver of economic expansion during the period, accounting for nearly half of total growth.
Services grew by 7.4 percent year-on-year and contributed 47.6 percent to the overall 7.7 percent increase in economic output.
The expansion was largely supported by gains in the information and communication subsector, reflecting continued digitalisation and increased demand for connectivity services.
Industry followed closely, contributing 44.2 percent to total growth, with a stronger year-on-year expansion of 9.6 percent — the highest among the three main sectors.
This performance was primarily driven by increased activity in the mining and quarrying subsector, pointing to a rebound in extractive industry output.
Agriculture, although growing at a modest 3.8 percent, remained the smallest contributor to overall growth at 5.5 percent. The sector’s performance was supported by improvements in crop and livestock production, despite ongoing structural and weather-related challenges.
The strong showing from the industry sector highlights continued resilience in Ghana’s extractive industries, particularly mining, which has historically been a key pillar of economic performance.
The near double-digit growth in industry suggests improving external demand conditions and stabilisation in production levels, following periodic disruptions seen in recent years.
Analysts say sustained performance in this sector could help bolster export earnings and support fiscal consolidation efforts, provided prices and production volumes remain favourable.
Agriculture’s relatively modest growth rate reflects structural constraints, including reliance on rainfall, limited mechanisation, and input cost pressures.
Nevertheless, the sector’s positive trajectory indicates some recovery, with the crops and livestock subsector providing the main boost in February.
Experts continue to stress the importance of targeted investments and policy reforms to unlock higher productivity and strengthen food security.
The February performance provides a positive signal for economic momentum heading into 2026, particularly with strong contributions from services and industry.
However, the sustainability of this growth will depend on external factors such as commodity prices, as well as domestic conditions including inflation management, fiscal stability, and structural reforms.
By: Christian Akorlie / businesspostonline
