• Ghana’s Q3 2025 GDP grew 5.5%, led by agriculture and services
  
  
• Growth slowed due to hydrocarbons slump and weak industrial performance
  
  
• Inflation eased to 6.3% in November; central bank cut rates 1,000 bps

Ghana’s economy grew 5.5% year-on-year in the third quarter of 2025, driven by stronger agriculture and services activity, the national statistics service said on Wednesday.

Growth slowed from 6.3% in the second quarter and 7% in the same period of 2024, weighed down by an 18.2% contraction in the hydrocarbons sector and weak industrial output, which rose only 0.8%.

For the first nine months of 2025, growth came in at 6.1%, up from 5.7% in the same period last year.

From July to September, agriculture expanded by 8.6%, while the services sector, which accounts for about 40% of GDP, grew 7.6%, supported by information and communications technology, transport and trade.

Non-oil GDP increased 6.8% in the third quarter, showing underlying activity remained firm despite the sharp decline in oil and gas.

A major producer of gold, oil and cocoa, Ghana is emerging from its worst economic crisis in decades. Inflation eased for the 11th straight month to 6.3% in November, its lowest level since the inflation methodology was revised in 2021.

Amid the recovery, the Bank of Ghana has cut its main interest rate by 1,000 basis points so far this year, citing improved economic prospects and expectations of further disinflation.

Walid Kéfi

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