Ghana’s economic activity grew by 5.1 percent year-on-year in May 2026, according to the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS), with the services sector emerging as the principal engine of growth.
The MIEG, an experimental monthly measure that tracks changes in economic activity across the economy, recorded an index level of 121.9 in May 2026, up from 115.9 in May 2025. The figures are provisional and may be revised as more comprehensive data become available.
Sectoral performance showed broad-based expansion across agriculture, industry and services. The services sector recorded the strongest growth at 7.2 percent, followed by industry at 4.2 percent and agriculture at 3.6 percent.
According to the GSS, services accounted for 51 percent of the overall economic growth recorded in May, making it the largest contributor to national economic activity during the period. Industry contributed 23.8 percent, while agriculture contributed 21.2 percent.
The statistical agency attributed the services sector’s performance primarily to growth in the Information and Communication subsector. The sector’s MIEG index rose to 125.0 in May 2026 from 116.5 a year earlier.
Within agriculture, growth was largely driven by the crops and livestock subsector. The agriculture index increased to 118.7 in May 2026 from 114.6 in May 2025, translating into annual growth of 3.6 percent.
Meanwhile, industrial activity expanded by 4.2 percent, supported mainly by stronger performance in the mining and quarrying subsector. The industry index rose from 117.1 in May 2025 to 122.0 in May 2026.
The MIEG is designed to provide an early indication of economic trends ahead of the release of quarterly GDP figures. It covers all economic activities included in Ghana’s quarterly GDP framework and uses monthly volume indicators and administrative records, adjusted for inflation using the Consumer Price Index (CPI) and Producer Price Index (PPI).
GSS noted that the indicator remains experimental and is subject to continuous improvement. Because the series is not seasonally adjusted, only year-on-year growth rates are published, while month-on-month comparisons are not reported.
By: Christian Akorlie / businesspostonline
