Ghana’s economic activity strengthened in October 2025, with the provisional Monthly Indicator of Economic Growth (MIEG) rising 3.8 percent year-on-year, reflecting stronger output compared with October 2024, the Ghana Statistical Service said in a report released on January 14.
The MIEG, a volume index designed to capture monthly changes in economic activity, showed an index level of 112.7 for October 2025, up from 108.6 a year earlier. The indicator, which is classified as experimental and subject to revision, covers the entire economy as well as agriculture, industry, and services. It provides early insights into economic trends ahead of quarterly GDP releases.
Analysis of sectoral performance showed services as the main contributor to overall growth, accounting for 2.8 percentage points of the 3.8 percent increase. The sector expanded 5.5 percent year-on-year, driven largely by growth in Information and Communication and Trade activities, indicating resilient domestic demand and continued private sector engagement.
The industrial sector recorded a 3.0 percent increase, contributing 1.1 percentage points to total growth. The expansion was primarily supported by manufacturing, reflecting increased output and stronger construction activity, which benefitted from government infrastructure projects and private investment initiatives.
In contrast, agriculture showed modest growth, rising only 0.9 percent, contributing 0.05 percentage points to overall expansion. The limited increase was largely due to improved performance in fishing activities, while crop production growth remained subdued. Analysts noted that the sector’s seasonality and sensitivity to weather conditions continue to influence short-term output.
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The MIEG does not report month-to-month growth as it is non-seasonally adjusted, but its annual comparison provides a reliable early signal of economic trends. The report highlighted that the indicator aligns closely with the quarterly GDP system, using the same volume and administrative records deflated for inflation to track real output changes.
Economists welcomed the data as a sign of broadening economic momentum, noting that the rebound in industry and sustained services growth are helping to offset slower performance in agriculture. “The October figures suggest that Ghana’s recovery is strengthening, with industry and services driving output growth even as agriculture remains weak,” said an independent economist based in Accra.
The government has placed emphasis on supporting industrial expansion, trade facilitation, and investment in services, including finance and telecommunications, which has contributed to the observed growth. Policy measures aimed at improving energy supply, infrastructure, and private sector incentives appear to be producing measurable results.
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The MIEG is presented as an experimental statistic, meaning it is continuously improved and subject to revisions as more comprehensive data becomes available. The index also calculates sectoral contributions to growth, offering policymakers and investors a clearer picture of the drivers behind overall economic performance.
Looking ahead, the Ghana Statistical Service plans to expand the MIEG release to include more detailed sub-sector data and eventually publish seasonally adjusted time series once sufficient historical data is available. The next monthly release, covering November 2025, is scheduled for February 11, 2026.
Overall, the October 2025 MIEG points to steady economic expansion, driven by resilient services and a recovering industrial sector, while highlighting the continued vulnerability of agriculture to seasonal and environmental factors. Analysts say maintaining momentum will require sustained investment, stable macroeconomic policies, and measures to support productivity across all sectors.
