Ghana: Growth Slows to 5.1 Percent in May 2026 – Gss
Ghana’s economy continued to expand in May 2026, although at a slower pace than a year earlier, with growth driven largely by the services sector, the Monthly Indicator of Economic Growth (MIEG) has revealed.
The economy grew by 5.1 per cent year-on-year in May 2026, compared with 6.6 per cent recorded during the same period in 2025.
The latest MIEG report by the Ghana Statistical Service (GSS) showed that economic activity remained positive, with the MIEG index rising to 121.9 in May 2026 from 115.9 a year earlier, using 2023 as the base year.
The performance means that for every GH¢100 worth of economic activity recorded in May 2025, the economy generated about GH¢105 worth of activity in May 2026, indicating continued expansion despite the moderation in growth.
The services sector remained the main driver of economic activity, growing by 7.2 per cent during the period under review. The sector also accounted for the largest share of overall growth, contributing 51 per cent of the expansion recorded.
Information and communication, financial services, transport and trade activities were among the key areas supporting growth in the services sector.
The Government Statistician, Dr Alhassan Iddrisu, explained that the MIEG provided a monthly assessment of economic performance, allowing policymakers, businesses and households to track developments more frequently rather than waiting for quarterly Gross Domestic Product (GDP) figures.
“Waiting for quarterly GDP is like checking your health once a year. The MIEG is a monthly check-up on Ghana’s economy,” he said.
He said the agriculture sector recorded growth of 3.6 per cent in May 2026, down from 9.8 per cent during the same period last year.
According to Dr Iddrisu the sector continued to expand, with crops and livestock activities supporting growth. However, the slower pace reflected the high growth recorded in May 2025, which created a stronger comparison base.
The agriculture index increased to 118.7 from 114.6 a year earlier.
The industry sector also recorded steady growth, expanding by 4.2 per cent compared with 4.6 per cent in May 2025.
The sector’s performance was supported mainly by mining and quarrying activities, with the industry index rising to 122.0 from 117.1.
The GSS said the figures suggested that industry maintained a stable growth path despite slight moderation.
In terms of contribution to overall growth, services accounted for 51 per cent, followed by industry with 23.8 per cent, agriculture with 21.2 per cent and net taxes with four per cent.
The GSS urged stakeholders to use the monthly economic data to guide decision-making. Government and the Bank of Ghana were encouraged to incorporate the indicators into policy reviews, while businesses and investors were advised to rely on evidence-based information in planning.
The report also highlighted the need for continued support for agriculture through measures such as improved access to inputs, irrigation facilities and storage infrastructure to strengthen the sector’s contribution to growth.
For households and labour organisations, the GSS said understanding the pace of economic growth was important for making informed decisions on wages, savings and spending.
Overall, the May 2026 MIEG results show that Ghana’s economy remains on a growth path, with services providing the strongest momentum, industry maintaining stability, and agriculture requiring renewed policy attention to boost its performance.
By Ghanaian Times.
