Accra: Ghana’s economy grew by 5.3 per cent in the first quarter (Q1) of 2025, up from 4.9 per cent in the same period of 2024, driven by the services sector and recovery of the agriculture sector.
According to Ghana News Agency, the agriculture sector saw significant growth, increasing by 6.6 per cent compared to 2.4 per cent in Q1 of 2024, with fishing experiencing the largest jump at 16.4 per cent.
Dr Alhassan Iddrisu, Government Statistician, highlighted at a media briefing that the industrial sector grew by 3.4 per cent in Q1 of 2025, down from 6.7 per cent in Q1 of 2024. The decline in the oil and gas sector by 22.1 per cent impacted the industrial sector, although the manufacturing sector demonstrated resilience, growing by 6.6 per cent.
Dr Iddrisu noted that services, including trade, transport, ICT, banking, and health, constituted 46.8 per cent of the economy. The services sector grew by 5.9 per cent, with ICT leading at 13.1 per cent growth. Excluding the oil and gas sector, the economy grew by 6.8 per cent, indicating a shift towards a more balanced economic structure.
In terms of provisional real GDP, there was a 1.4 per cent increase in Q1 of 2025 from 0.9 per cent in Q4 of 2024, representing a 0.5 percentage point rise compared to the previous quarter. Key drivers of GDP growth in Q1 of 2025 included crops, information and communication, manufacturing, trade, repair of vehicles, household goods, transport and storage, and finance and insurance, contributing 84.5 per cent of the 5.3 per cent growth.
The Government Statistician pointed out potential benefits for households, such as input subsidies and training under the Agriculture for Transformation Programme, which could enhance food security and income. The services sector’s growth, particularly in ICT, trade, and transport, could also provide opportunities for households and businesses to engage in the 24-Hour Economy initiative.
Dr Iddrisu suggested that businesses in logistics, delivery, customer service, and manufacturing adjust to 24-hour operational models. Despite challenges in the oil sector, manufacturing growth presents opportunities for SMEs to utilize infrastructure and access markets under the AfCFTA and the Big Push Programme.
He recommended government action to stabilize earnings in the mining and quarrying sectors and to broaden the impact of their activities. Accelerating investments in power, roads, and digital infrastructure could further support private sector expansion and enhance regional competitiveness, fostering industrial growth beyond the current 3.4 per cent.