Ghana’s economy continues to show strong performance, with economic activities growing by 3.8 per cent year-on-year in October 2025, largely propelled by the services sector, says the Ghana Statistical Service (GSS).

This is compared with the three per cent growth recorded in October 2024, says the Monthly Indicator of Economic Growth (MIEG) released by GSS on January 14.

The MIEG provides an early signal of how the economy is likely to perform before the calculation of Gross Domestic Product (GDP) – the total value of goods and services produced in the country.

Figures reported by the Statistical Service showed a 112.7 growth index in economic activities across agriculture, industry and services in October 2025, compared with the 108.6 increase in October 2024.

The Monthly Indicator of Economic Growth, a volume index which captures changes in economic activity monthly, recorded 0.9 per cent agriculture growth, three percent in the industry sector, with the services sector recording a growth of 5.5 per cent.

The expansion in the services sector was driven by communication, wholesale and retail trade, while that of industry was attributed to manufacturing sub-sector growth, with fishing activities driving the expansion in the agriculture sector.

Dr Alhassan Iddrisu, the Government Statistician, addressing the press in Accra, noted that the 3.8 per cent growth in economic activities in October 2025 meant that “the overall economic activity was higher this October than a year ago.”

“The data shows that from October 2023 to October 2025, the economy follows a clear upward path, rising from an index value of 105.4 to 112.7.”

“This confirms that economic activities have been expanding steadily over the past two years.”

He explained that the sustained upward trend showed a positive momentum entering the final quarter of 2025, noting that while monthly figures could be volatile, the data signalled continued expansion, particularly from the services and industry sectors.

The Government Statistician encouraged the government to continue to strengthen industrial productivity and value addition, while addressing structural challenges in the agriculture sector to improve resilience.

He asked businesses to leverage opportunities in manufacturing, trade, and digital services through investment for expansion to support job creation, while urging households to plan carefully, taking into account seasonal price fluctuations.

Responding to a question posed by the Ghana News Agency on risks, Dr Iddrisu explained that whenever the economy grew, it meant it was heading in the right direction.

He, however, cited inflation, exchange rate movements, fiscal deficits, and energy sector challenges as risks the government ought to watch going forward, with a focus on sustaining economic stability.

“Economic stabilisation is key…For example, there is no way you will be able to grow your economy in an environment of hyperinflation or inflation that you cannot predict today,” he stated.

“You need to watch inflation and forex movements and identify both financial and non-financial risks in the energy sector and address them because without energy, we cannot produce goods and services.”