Economic activity expanded by 7.5 per cent in January 2026, extending its upward trajectory albeit at a slower pace than in the same period last year, according to provisional data released by the Ghana Statistical Service (GSS).

The Monthly Indicator of Economic Growth (MIEG) index rose to 119.2 in January 2026, up from 110.8 recorded in January 2025. However, this represents a moderation from the 8.2 percent growth rate recorded in January 2025, signalling a slowdown in the pace of economic expansion.

The MIEG, a high-frequency indicator that tracks monthly economic activity and provides early signals of quarterly GDP trends, points to sustained growth across all three main sectors – services, industry and agriculture – though performance was uneven.

Services

The services sector remained the main driver of growth, expanding by 9.6 percent in January 2026, up from 7.7 percent in the same period last year. This expansion was primarily driven by increased activity in the education as well as information and communication sub-sectors. Services accounted for the largest share of overall growth, contributing 54.3 percent to the 7.5 percent expansion in economic activity.

Industry

Industry recorded a growth rate of 7.2 percent, down from 9.7 percent in January 2025. The slowdown partly reflects weaker momentum in oil and gas within the mining and quarrying sub-sector, although manufacturing activity continued to support expansion. The sector accounted for 29 percent of total growth.

Agriculture

Agriculture posted the slowest growth, expanding by 4.5 percent compared to 9.3 percent a year earlier, indicating a decline in performance. Growth in the sector was driven mainly by crops and livestock, and it contributed 14 percent to overall economic expansion.

Overall, the data suggests that while the economy remains resilient, growth momentum has softened in key sectors, particularly agriculture and industry, even as services continue to underpin expansion.

The GSS cautioned that the MIEG figures are provisional and subject to revision as more comprehensive data becomes available. The indicator is also not seasonally adjusted, meaning month-on-month changes are not reported due to potential volatility.

Despite this, the MIEG offers an early snapshot of economic performance ahead of official quarterly GDP releases. The index has shown a steady upward trend over recent years, rising from 98.7 in January 2023 to 102.5 in January 2024, 110.8 in January 2025 and 119.2 in January 2026.