Ghana’s Gross Domestic Product (GDP) growth will re-accelerate in the second-half of 2026.

This is coming after it eased to 6.0% year-on-year in quarter 2026, reflecting softer non-oil activity and moderation in agriculture, gold and public services.

According to IC Securities, it remains confident about continued recovery in oil & gas output into the second-half of 2026 as Tullow Oil PLC’s management guidance indicates that new wells came on stream in July and August 2026, with initial production rates being in line with expectations.

“We tip ICT [Information, Communication and Technology] to remain the growth anchor for Services while transports & storage, financial & insurance activities as well as trades provide further tailwind. We expect a boost in economic activity in 4Q2026 [quarter 4 2026] as the annual yuletide activities revive house final consumption expenditure”.

It therefore retains its full-year 2026 overall real GDP growth forecast at 6.4% ± 0.5 percentage points.

Services Sector

The Services sector growth accelerated to 8.0% year-on-year from 7.1% in the first quarter of 2026, but the pace remains below the 9.5% recorded in like period of 2025. This retains the services sector as Ghana’s growth engine, contributing 57.6% of the overall growth in quarter 2 2026.

Information and communication sub-sector extended its remarkable growth to 30.9% year-on-year versus 25.2% in quarter one 2026 and 21.3% in the second quarter of 2025, anchoring the services sector.

Industry Sector

Industry growth eased to 4.3% year-on-year in the second quarter of 2026 compared to the early-year pace of 6.9% in the first quarter of 2026, but represented an acceleration from the 2.4% modest growth in the corresponding quarter of 2025.

“We note a sharp slowdown in the growth rate for Mining & Quarrying to 2.6% year-on-year in the second quarter of 2026 compared to 10.7% in first quarter of 2026, although the 2Q2026 momentum represents a rebound from 1.8% contraction a year earlier”, IC Insights stated.

Agriculture Sector

Agriculture growth slowed to 3.9% year-on-year from 7.1% a year earlier and a tad below the 4.0% recorded in quarter one 2026.

This dragged down by deep contraction in fishing (-24.7%) which posted the third consecutive contraction.

Although the cocoa sector grew faster in the second quarter of 2026 by 5.2% year-on-year, the latest print represents a 900-basis points slowdown in growth compared to quarter 2 2025.

“We attribute this partly to high base effect from last year’s rebound and expect the sector to benefit from the authorities’ efforts to secure domestic financing for cocoa purchases and improve the financing architecture for 2026/27 crop season”, IC Insights mentioned. It however said that the usual crop harvest in the third quarter of 2026 should also lift crops and the broader agricultural sector growth towards year-end