Ghana's Economy Expands 6.8% in August, Driven by Services Sector

Ghana's economy recorded 6.8 per cent growth in August 2026, up from 5.3 per cent in the same period last year, driven largely by a strong performance in the services sector, according to the Ghana Statistical Service's monthly indicator.

The August 2026 Monthly Indicator of Economic Growth (MIEG) shows the services sector remained the biggest contributor to economic expansion, accounting for 69.9 per cent of total growth and contributing 4.8 percentage points to the overall figure. The sector expanded by 10.7 per cent during the period, compared with 7.1 per cent in August 2025, with information and communication activities leading the growth.

Industry also recorded an improvement, growing by 4.5 per cent, up from 0.8 per cent a year earlier, and contributing 1.4 percentage points to overall growth. The performance was largely supported by manufacturing, alongside mining and quarrying activities.

Agriculture, however, slowed significantly, growing by 2.6 per cent in August compared with 8.6 per cent in the same period last year and 3.7 per cent in July 2026. The sector contributed just 0.5 percentage points to overall growth, with net taxes accounting for the remaining 0.1 percentage point.

Early Signal for Q3

Government Statistician Alhassan Iddrisu said the monthly indicator provides an early assessment of economic performance ahead of the publication of quarterly Gross Domestic Product figures.

The MIEG data further shows that economic activity grew by 7 per cent in July 2026, although the figure was revised downward from an earlier estimate of 7.4 per cent following the availability of additional data.

The August performance brings the average growth recorded in July and August to 6.9 per cent, providing an early indication of economic activity in the third quarter of 2026.

The Ghana Statistical Service says the monthly indicator has consistently tracked quarterly GDP performance, with both measures recording 6 per cent growth in the second quarter of 2026. The 6.8 per cent August figure extends a run of strong expansion that has seen Ghana post consecutive quarters of above-six-per-cent growth, supported by falling inflation, a relatively stable cedi and improved investor confidence.

Sectoral Breakdown

The services sector's dominance reflects the growing weight of telecommunications, financial services and digital economy activities in Ghana's GDP composition. Information and communication, which led the August expansion, has been the fastest-growing subsector within services, driven by mobile data penetration, fintech expansion and the government's digitalisation agenda.

Industry's recovery from 0.8 per cent to 4.5 per cent marks a significant turnaround after a prolonged period of contraction in manufacturing and mining. The mining sector has benefited from higher gold prices on international markets, while manufacturing has shown signs of recovery as electricity supply stabilises.

Agriculture's sharp deceleration from 8.6 per cent to 2.6 per cent is a concern for policymakers, given the sector's role in employment and food security. The slowdown follows a strong 2025 performance and may reflect seasonal factors, input cost pressures and the impact of post-harvest losses.

The Bigger Picture

The August figures come ahead of Finance Minister Dr Cassiel Ato Forson's presentation of the 2027 Budget on Thursday, November 12, under the theme "New Economy." The government is expected to highlight the strong growth trajectory as evidence that its stabilisation programme is working, while proposing a US$10 billion investment programme to shift the economy from recovery to transformation.

The August figures are provisional and subject to revision as additional data become available. The next MIEG release, covering September 2026, is expected in the second week of December.