Ghana’s economy expanded by 6.0 per cent in the second quarter of 2026, but growth was uneven across sectors, with agriculture slowing sharply while services continued to lead the expansion.

According to the Bank of Ghana’s September 2026 Monetary Policy,  services grew by 8.0 per cent, compared with 4.3 per cent for industry and 3.9 per cent for agriculture. Agricultural growth slowed from 7.1 per cent in the corresponding period of 2025, while industrial growth improved from 2.4 per cent.

The figures highlight a recovery driven more strongly by services than by agriculture and industry, raising questions about how broadly the benefits of economic expansion are being distributed and whether growth across the productive economy can be sustained.

Overall, the rate at which the economy grew slowed down compared to the previous year’s growth.

The 6.0 per cent expansion in the second quarter compares with 6.6 per cent in the same period of 2025. Growth in the non-oil economy also slowed to 5.4 per cent from 8.5 per cent a year earlier.

Services maintain the lead.

Services remained the strongest-performing sector, expanding by 8.0 per cent during the quarter. Activities such as trade, finance, transport and telecommunications form part of the broad services sector and contribute to economic activity across the country.

Industry, meanwhile, showed signs of improvement. The sector grew by 4.3 per cent, up from 2.4 per cent in the second quarter of 2025, suggesting a gradual recovery in industrial activity. Its growth rate, however, remained below that of services.

Agriculture’s slowdown stands out because of the sector’s importance to ordinary Ghanaians. Farming supports rural livelihoods, contributes to food supplies and provides raw materials for local industries.

Slower agricultural growth could constrain the pace at which the sector contributes to the broader recovery, particularly if the trend persists. However, the growth figures alone do not establish whether farmers’ incomes have fallen or agricultural employment has declined. They show that agricultural output is expanding more slowly than it did a year earlier.

Mixed signals from other indicators

Other indicators in the Bank of Ghana report point to differing conditions across the economy.

The number of private-sector contributors to the Social Security and National Insurance Trust increased by 6.1 per cent year-on-year in July 2026, while advertised job vacancies rose by 32.4 per cent. Both provide encouraging signals about employment-related activity and labour demand.

Cement sales, however, fell by 10.3 per cent cumulatively during the first seven months of 2026, suggesting that activity in parts of the construction-related market remained subdued.

These contrasting indicators reinforce the point that overall economic growth does not necessarily translate into the same conditions for every business, sector or worker.

What does it mean for households?

For households and businesses, the key question is not simply how fast the economy is growing, but where that growth is occurring and whether it is translating into better livelihoods.

Strong services growth can support economic activity, while improving industrial performance can create opportunities for production and investment. Agriculture’s slower expansion, however, underscores the importance of ensuring that farming communities and businesses linked to food production also benefit from the recovery.

The report also identifies external risks, including elevated global crude oil prices and possible supply-chain disruptions, which could affect domestic prices and business costs.

Ghana’s 6.0 per cent growth is an encouraging headline. Beneath it, however, the picture is more complex: services are expanding faster, industry is improving, and agriculture is growing at a considerably slower pace than a year earlier.

For policymakers, the challenge is to sustain overall growth while strengthening performance across sectors so that the benefits of economic expansion can reach a wider cross-section of businesses, workers and households.