Ghana’s economic momentum softened in November 2025, as a sharp slowdown in industry tempered gains in services and agriculture.

The latest provisional Monthly Index of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS) shows the economy expanded by 4.2% year-on-year in November, significantly lower than the 7.1% recorded in November 2024.

The November figure, however, represents a modest uptick from October 2025, when economic activity grew by 3.8% year-on-year, largely driven by strong services sector performance.

The MIEG, which tracks short-term movements in economic activity, suggests that while growth remains positive, momentum is uneven across sectors.

The services sector continued to anchor expansion, growing by 6.7% in November 2025. Though solid, this was markedly slower than the 10.2% recorded in November 2024. Services contributed 57.7% of the overall 4.2 % growth, reinforcing their dominance in Ghana’s growth structure.

Agriculture recorded a growth rate of 4.1%, slightly higher than the 3.8% achieved in November last year. The sector accounted for 32.4% of total growth, reflecting steady expansion and resilience.

In contrast, industry emerged as the main drag on performance. The sector grew by just 0.4% in November 2025, compared to 6.2% in November 2024, a sharp deceleration largely linked to weaker mining and quarrying activities. Industry contributed only 2.5% to overall growth.

The November data underscores a cooling in year-on-year growth dynamics, even as the economy maintains a steady expansion path compared to October.

The figures will likely shape expectations ahead of broader GDP releases and policy decisions in the months ahead.