Ghana’s economy expanded by 7.7% in February 2026, according to new data from the Ghana Statistical Service (GSS). Industry and services sectors primarily drove this growth, reinforcing signs of national macroeconomic recovery.
The GSS’s Monthly Indicator of Economic Growth (MIEG) index rose to 111.3 in February 2026, up from 103.3 in the same month of 2025. This indicator provides an early signal of quarterly gross domestic product (GDP) trends by tracking monthly changes in economic activity. Government Statistician Alhassan Iddrisu, PhD, presented these figures on May 13, highlighting improved market performance and rising confidence.
This economic expansion fits into Ghana's broader strategy to shift from macroeconomic stabilization to sustained growth. Policymakers aim for growth that creates employment, increases credit availability, and improves household welfare. Despite positive headline figures, pressure persists to ensure the recovery benefits all citizens, not just official indicators.
Dr. Iddrisu stated that the latest data pointed to improved market performance and rising confidence in the economy compared with the same period last year. The services sector contributed 47.6% to the overall 7.7% growth. Industry followed closely, accounting for 44.2% of the expansion. Agriculture contributed 5.5%, and net indirect taxes made up the remaining 2.7%.
The industry sector recorded the strongest growth, expanding by 9.6% year-on-year. This marks a significant improvement from the 2.8% growth seen in February 2025. Mining and quarrying, manufacturing, and electricity production mainly drove this performance, suggesting a broad-based recovery in productive activity. The services sector also showed strong growth, rising by 7.4% from 4.4% in February 2025. Information and communication, finance and insurance, health, and trade supported this expansion, highlighting services' continued dominance in Ghana's economic structure.
Conversely, agricultural growth slowed significantly to 3.8%, compared with 9.4% in February 2025. The GSS attributed this performance mainly to crops, livestock, forestry, and logging. The slowing agricultural sector raises concerns, as it remains a major employer in Ghana.
The GSS revised January 2026 growth estimates downward from a provisional 7.5% to 6.1%. This revision followed the incorporation of new data from various governmental bodies. These included the Ghana Revenue Authority, Fisheries Commission, Controller and Accountant-General’s Department, and the Volta River Authority. Revisions affected manufacturing, trade, fishing, electricity, public administration, health, and education. Industry estimates were revised upward from 7.0% to 8.9%, while services saw the sharpest downward revision from 9.6% to 5.3%.
The MIEG remains an experimental statistic and is not yet seasonally adjusted due to limited time series data. Thus, the current release only reports annual growth comparisons. The next MIEG release, covering March 2026, is expected on June 10, 2026, alongside Ghana’s first-quarter GDP estimates.
The February numbers strengthen the case for Ghana's accelerating economic recovery. However, the sectoral pattern raises important questions. Industry and services are leading the rebound, but agriculture is losing momentum. The quality of growth becomes as important as the headline figure. For the expansion to translate into jobs and improved living standards, stronger output must align with increased private sector credit, higher productivity, wage growth, and deliberate support for employment-intensive sectors.