"Ghana’s economic activity expands by 3.8% in October 2025" — GSS

Ghana’s economic activity continued its upward trajectory in October 2025, with the Monthly Indicator of Economic Growth (MIEG) rising by 3.8 percent year-on-year, according to the Government Statistician, Dr. Iddrisu Alhassan.

The provisional MIEG index for October 2025 stood at 112.7, up from 108.6 recorded in the same month of 2024.

The indicator provides an early snapshot of movements in economic activity ahead of the release of quarterly Gross Domestic Product (GDP) figures.

“The October 2025 MIEG points to sustained growth in economic activity, led largely by strong performance in the services sector,” Dr. Alhassan said.

Sectoral data show that services remained the main engine of growth, expanding by 5.5 percent over the period.

The sector accounted for 74.7 percent of the overall growth, driven mainly by increased activity in Information and Communication, as well as Trade.

Industry also recorded positive growth, expanding by 3.0 percent between October 2024 and October 2025.

This performance was largely supported by improvements in the manufacturing sub-sector. Industry contributed 28.7 percent to total economic growth.

Agriculture posted a modest growth rate of 0.9 percent, contributing 1.3 percent to overall expansion.

According to Dr. Alhassan, the increase was mainly driven by improved performance in fishing activities during the month. He noted that agricultural output remains highly seasonal.

The MIEG is compiled using monthly volume indicators and administrative data across all economic activities captured in the quarterly GDP system.

To ensure consistency with national accounts, the indicators are deflated using monthly Consumer Price Index (CPI) and Producer Price Index (PPI) data to remove the effects of inflation.

Dr. Alhassan explained that the MIEG is currently classified as an experimental statistic and is subject to continuous improvement and revision as more comprehensive data become available.

“Like the quarterly and annual national accounts, the MIEG is open to revision for up to two years, mainly due to the incorporation of additional data and reconciliation with annual accounts,” he said.

The indicator is not seasonally adjusted, meaning month-on-month growth rates are not reported.

Annual comparisons are considered more reliable at this stage, pending the availability of a longer time series for seasonal adjustment.

The Ghana Statistical Service (GSS) aims to release the MIEG within 75 days after the reference month.

The next release, covering November 2025, is scheduled for 11 February 2026.

Story by: Joshua Kwabena Smith and Hawa Abubakar