"Industry slowdown weighs on growth as services lead expansion" — Government Statistician

Ghana’s economic growth moderated in November 2025, largely due to a decline in mining and quarrying activities, particularly in oil and gas production, Government Statistician, Dr. Iddrisu Alhassan, has said.

Addressing the media at the release of the Ghana Statistical Service’s (GSS) November 2025 Monthly Indicator of Economic Growth (MIEG), Dr. Alhassan explained that the slowdown in extractive industries — historically key drivers of Ghana’s economy — significantly impacted overall performance.

“The main reason for the moderation in growth is the decline in mining and quarrying activity, especially oil and gas production,” he stated, noting that the development signals emerging challenges within the extractive sector.

According to the MIEG report, the economy grew by 4.2% in November 2025, down from 7.1% recorded in November 2024, indicating that while growth remains positive, the pace has slowed.

The services sector, the largest and most dynamic segment of the economy, expanded by 6.7% in November 2025 and contributed 57.7% of the overall growth.

However, this was lower than the 10.2% growth recorded in the same period last year.

Dr. Alhassan attributed the expansion in services primarily to information and communication activities, reflecting increased digital engagement across the economy.

“This confirms the continuing importance of services as the engine of Ghana’s economic growth in recent times,” he noted.

While industry recorded marginal growth, its contribution to overall expansion was limited. Agriculture, on the other hand, improved modestly. However, the sharp slowdown in industry — particularly in upstream petroleum activities — constrained total growth.

Comparing the year-on-year performance, Dr. Alhassan emphasized that the economy remains on a growth path, but momentum has eased.

“Agriculture improved modestly. Industry slowed sharply. Services remained strong but cooled. This pattern explains why overall growth moderated,” he said.

Touching on implications for the yet-to-be-released fourth-quarter GDP figures, Dr. Alhassan indicated that the October and November MIEG data suggest that economic activity in the fourth quarter remains positive, though slower than in the previous year.

“Growth has continued, but the momentum has eased, especially in industry and parts of services. This pattern may reflect in the upcoming fourth-quarter GDP estimates to be released in March,” he explained.

He identified crop production, digital and communication services, and public administration and social security services as the key drivers of economic performance in November 2025, while weaker output in the upstream petroleum sector acted as a constraint.

Dr. Alhassan reaffirmed the Ghana Statistical Service’s commitment to producing timely, accurate, relevant, and credible statistics to support evidence-based policymaking and national development.

He also expressed appreciation to data-providing institutions, development partners, and staff of the Service for their contributions toward the successful release of the November 2025 MIEG.

Story by: Joshua Kwabena Smith and Hawa Abubakar