A BANKING consultant, Dr Richmond Atuahene, has urged Ghana to strengthen investment in agriculture, productive businesses and state-owned enterprises (SOEs) as the Ghana Statistical Service (GSS) reported that the economy grew by 6.4 per cent in the first quarter of 2026.

The consultant said the growth figures were positive but warned that sustaining them would depend on addressing structural weaknesses in key sectors, particularly agriculture and state-owned enterprises.

He said Ghana continued to rely heavily on food imports, with rice production highlighted as a major gap that required targeted investment in irrigation, storage, processing and financing to reduce pressure on foreign exchange.

“The economy showed resilience in the first quarter, but more attention needed to be placed on agriculture. Ghana still imported large volumes of rice, even though local production had the potential to meet a significant share of demand if properly supported,” he said.

Growth performance

The GSS reported that Ghana’s economy expanded by 6.4 per cent in the first quarter of 2026, up from 6.2 per cent recorded in the same period of 2025.

It said the non-oil economy also grew by 6.3 per cent, reflecting broad-based expansion across services, industry and agriculture despite global economic uncertainties.

The report showed that real GDP increased by 1.6 per cent on a seasonally adjusted quarter-on-quarter basis, indicating continued economic expansion between the final quarter of 2025 and the first quarter of 2026.

Monthly data also showed steady growth, with the Monthly Index of Economic Growth recording 6.1 per cent in January, 7.7 per cent in February and 5.4 per cent in March.

The services sector remained the strongest contributor to growth, expanding by 7.1 per cent and accounting for 48.3 per cent of total GDP growth.

Information and Communication recorded the highest growth in the sector at 25.2 per cent, followed by Transport and Storage at 13.0 per cent and Trade at 9.0 per cent.

The strong performance of services reflected increased digital activity, trade expansion and movement of goods across the country.

An economic analyst said the sector’s performance showed a shift towards services-driven growth in the short term.

“The data indicated that services continued to play a central role in economic expansion, particularly ICT, transport and trade, which recorded strong activity during the quarter,” he said.

The industry sector grew by 6.9 per cent, compared with 4.1 per cent in the same period last year.

Mining and Quarrying recorded growth of 10.7 per cent, while Oil and Gas rebounded with a 7.0 per cent expansion.

Trade and Repair of Vehicles also grew by 9.0 per cent, supported by increased commercial activity.

The improved performance of the sector contributed significantly to overall GDP growth during the quarter.

Agriculture

The agriculture sector grew by 4.0 per cent, supported by Forestry and Logging at 9.0 per cent and Crop Production at 4.7 per cent.

However, Fishing contracted sharply by 18.5 per cent, weighing down overall agricultural performance.

Fastest-growing sub-sectors included Information and Communication at 25.2 per cent, Transport and Storage at 13.0 per cent, Mining and Quarrying at 10.7 per cent, and Trade and Forestry at 9.0 per cent.

On the downside, Accommodation and Food Services fell by 13.6 per cent, Water and Sewerage by 3.7 per cent, Real Estate by 3.2 per cent and Health and Social Work by 1.0 per cent.

Dr Atuahene said investment in agriculture should remain a priority alongside reforms in state-owned enterprises to improve efficiency and output.

“State-owned enterprises played important roles in the economy, but their performance needed improvement. Stronger governance and better management would have allowed them to contribute more effectively to national development,” he said.

He also stressed the need for greater investment in productive businesses to expand jobs and strengthen economic resilience.

“Private sector investment needed to be encouraged further. It would have supported job creation, increased output and helped diversify the economy beyond its current structure,” he said.

The GSS identified Information and Communication, Mining and Quarrying, Trade, Crop Production and Transport and Storage as the main drivers of growth in the first quarter, suggesting that the economy maintained steady momentum at the start of 2026.