Ghana’s economy grew by 5.3% in the first quarter of 2025, marking the strongest Q1 performance since 2020, despite ongoing global economic pressures. The data, presented in the Mid Year Budget Review to Parliament by Finance Minister, Ato Forson, points to a broad-based recovery across key sectors, with agriculture and services leading the charge.
The 5.3% growth represents a step up from 4.9% in the same period last year and comes as a welcome sign of strong economic recovery.
“Mr. Speaker, despite global economic uncertainties, Ghana’s economy demonstrated robust growth. In the first quarter of 2025, the economy expanded by 5.3%, up from 4.9% in the same period of 2024, marking the highest first-quarter growth since 2020,” he stated during the presentation.
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Agriculture Leads the Surge
Agriculture recorded the most notable gains, expanding by 6.6%, more than triple its growth in Q1 of 2024. The sector contributed 26.4% of the overall GDP growth, with the fishing sub-sector seeing a standout 16.4% increase.
“The numbers show that targeted support to agriculture is beginning to yield results,” the Finance Minister said during his presentation.
Services and ICT Maintain Momentum
The services sector, which accounts for nearly half the economy at 46.8%, grew by 5.9%. It contributed the largest share – 47.9% – to the overall GDP growth. The Information and Communication Technology (ICT) sub-sector stood out with a 13.1% expansion, reflecting increased digitisation and demand for tech-driven services.
Industry Sees Steady Recovery
Industry posted modest gains at 3.4%, contributing 20.6% to total GDP growth. Manufacturing led within the sector, also growing by 6.6%, mirroring the momentum seen in agriculture.
Non-Oil Growth Hits Six-Year High
Non-oil GDP saw a sharp rise, climbing 6.8% compared to 4.3% in Q1 of 2024. This marks the highest non-oil growth rate since 2018 – a key milestone as the government works to diversify the economy away from commodity dependence.
The minister added that his government is banking on flagship interventions such as the 24-Hour Economy Policy, the Big Push Programme, and the Agriculture for Economic Transformation Programme to sustain the momentum.