Economic activity expands 7.7% in February 2026

Economic activity expanded by 7.7 percent in February 2026 – nearly double the 3.9 percent growth recorded in the same period last year – as stronger performances in the industry and services sectors signalled improving momentum in the economy.

The latest Monthly Indicator of Economic Growth (MIEG) released by Ghana Statistical Service (GSS) showed that industry recorded the fastest expansion at 9.6 percent, while services grew by 7.4 percent and remained the largest contributor to overall economic growth.

Agriculture however slowed significantly, recording growth of 3.8 percent compared to 9.4 percent in February 2025.

The MIEG index for February 2026 stood at 111.3, up from 103.3 in February 2025, reflecting stronger economic activity compared to the same period last year.

Services contributed 47.6 percent to the overall 7.7 percent growth recorded during the period, making it the biggest driver of economic expansion. Industry contributed 44.2 percent while agriculture accounted for 5.5 percent. Net indirect taxes contributed the remaining 2.7 percent.

According to the report, the services sector’s expansion was mainly driven by growth in information and communication, finance and insurance, health and trade sub-sectors.

The industry sector’s strong performance was attributed primarily to increased activity in the mining and quarrying and electricity subsectors.

Agriculture growth, though positive, reflected a moderation in momentum compared to the same period last year. The sector’s performance was driven mainly by crops, livestock, forestry and logging activities.

February’s figures form part of GSS’s high-frequency economic indicator designed to provide early signals on the economy’s direction ahead of quarterly gross domestic product (GDP) releases.

GSS noted that the MIEG aligns closely with quarterly national accounts and should be interpreted as an early indication of GDP growth trends, although the figures remain provisional and subject to revision as more comprehensive data become available.

The release also revised downward January’s 2026 MIEG estimate from a provisional 7.5 percent announced in April to 6.1 percent.

According to GSS, the revision followed receipt of updated data from institutions including the Ghana Revenue Authority, Fisheries Commission, Controller and Accountant General’s Department and Volta River Authority.

The updated data affected estimates for the manufacturing, trade, fishing, electricity, public administration, health and education sub-sectors.

The services sector experienced the sharpest downward revision for January, with growth adjusted from 9.6 percent to 5.3 percent.

Industry however saw its January growth revised upward from 7 percent to 8.9 percent, while agriculture was revised slightly downward from 4.5 percent to 4 percent.

Despite January’s revision, the February release suggests the economy continues to maintain an upward trajectory.

Data from the report showed the overall MIEG index has steadily improved from 95.1 in February 2023 to 99.4 in February 2024, 103.3 in February 2025 and 111.3 in February 2026.

Similarly, industry activity increased from an index level of 96.1 in February 2023 to 116.5 in February 2026, while services rose from 96.7 to 112.7 over the same period.

Ghana Statistical Service explained that the MIEG remains an experimental statistic and is currently non-seasonally adjusted due to limited historical data. As a result, month-on-month growth rates are not reported because seasonal patterns such as holidays and crop cycles could distort short-term comparisons.