Although the latest growth rate is lower than the 7.0 per cent recorded in the same period last year, officials say the figures point to a broadly improving economy with more balanced sectoral contributions.

Releasing the data in Accra yesterday, the Government Statistician, Dr Alhassan Iddrisu, said nominal Gross Domestic Product (GDP) for the quarter rose to GH¢339.4 billion from GH¢293.1 billion in 2024, while non-oil nominal GDP registered robust growth, increasing to GH¢331.5 billion from GH¢278.5 billion last year, underscoring continued momentum in sectors outside oil and gas.

Real GDP stood at GH¢50.8 billion, up from GH¢48.2 billion a year earlier, while non-oil real GDP reached GH¢48.7 billion, compared to GH¢45.6 billion in 2024.

Agriculture emerged as the standout performer, rebounding strongly with 8.6 per cent growth after recording only 2.5 per cent in the third quarter of 2024.
 

The fishing sub-sector led the recovery with a remarkable 23.1 per cent expansion, reversing a contraction of 6.4 per cent last year.

“Agriculture’s contribution to growth was outsized, showing a sector that is recovering quickly and adding real weight to the national output,” Dr Iddrisu said.

Analysts believe the sector’s performance offers positive signals for food supply and price stability.

In contrast, the industrial sector faced significant headwinds, growing by just 0.8 per cent compared to 11.4 per cent in the same period last year.

The sector’s output was heavily weighed down by an 18.2 per cent contraction in oil and gas production and a further 2.8 per cent decline in mining and quarrying.

Manufacturing, however, remained relatively resilient, expanding by 3.9 per cent.

The services sector maintained its position as the largest contributor to GDP, accounting for 40 per cent of the economy, growing by 7.6 per cent and contributing nearly 59.5 per cent of overall growth.

Information and Communications Technology (ICT) continued to drive the sector’s performance, posting a 17.0 per cent expansion.

The GSS identified ICT, crops, trade, transport and storage, manufacturing and education as the main growth drivers for the quarter, jointly accounting for about 86 per cent of total GDP growth.

The sub-sectors that posted the strongest gains were fishing at 23.1 per cent, ICT at 17.0 per cent, transport and storage at 10.4 per cent, trade at 10.0 per cent and crops at 8.3 per cent.

The largest contractions came from oil and gas at -18.2 per cent, health and social work at -9.7 per cent, mining and quarrying at -2.8 per cent, accommodation and food services at -7.2 per cent and other personal services at -3.5 per cent.

The report also indicated a slowdown in the GDP deflator, suggesting some moderation in price increases over the period.

Recommendations

In response to the new data, the GSS issued a number of recommendations to guide households, businesses and policymakers.

It urged households to take advantage of easing food-price conditions, supported by strong crop and fishing output, to rebuild savings and strengthen their financial resilience.

For businesses, the GSS described the growth figures as a strategic investment guide, urging firms to direct resources toward fast-growing areas such as ICT, trade, transport, crops and manufacturing.

According to the service, aligning business investments with these high-performing sectors would enable the private sector to tap into the economy’s strongest engines of growth.

Policymakers were also encouraged to address the sharp decline in oil and gas output as a matter of urgency in order to stabilise the wider industrial sector. 

At the same time, the GSS called for scaled-up policy and infrastructure support for top-performing sectors, indicating that reinforcing gains in ICT, trade, transport and agriculture would help to sustain broad-based growth and reduce the economy’s exposure to external shocks linked to extractive activities.