GDP grows 6.4% in first quarter of 2026 - ICT, mining, trade drive economy
The economy grew by 6.4% per cent in the first quarter of 2026, up significantly from 4.9 per cent in the same period of 2024 and 6.2 per cent in 2025, driven largely by strong performances in information and communication, mining, trade and transport activities.
The growth reflected continued expansion across major sectors of the economy despite uncertainties in the global economic environment.
The latest Gross Domestic Product (GDP) estimates also showed that the non-oil economy expanded by 6.3 per cent, indicating that growth was supported by a broad range of economic activities beyond the petroleum sector.
Value
In value terms, the overall nominal GDP was measured to be worth GH¢420.4 billion for the first quarter, up from the GH¢378.0 billion measured in the same period last year.
When expressed in terms of inflation, the real GDP was worth GH¢57.4 billion, about the GH¢53.9 billion recorded in the first quarter of last year.
Without accounting for oil, Nominal GDP was GH¢410.9 billion in the first quarter, up from GH¢366.8 billion in quarter one of 2025, while in real terms, Real GDP (Non-Oil) was GH¢55.3 billion, from GH¢52.0 billion in Q1 2025.
The services sector remained the largest contributor to economic activity, recording growth of 7.1 per cent and accounting for 48.3 per cent of overall GDP growth during the period.
Within the sector, Information and Communication contributed the strongest growth of 25.2 per cent, followed by Transport and Storage at 13 per cent and Trade at 9.0 per cent.
In a press conference, the Government Statistician, Dr Alhassan Iddrisu, said the figures suggested that digital services, transport and commercial activities continued to support economic expansion during the quarter.
“The data showed that growth was increasingly being supported by services-related activities, particularly information and communications technology, trade and transport. These sectors continued to generate economic activity and contributed significantly to overall output growth,” he said.
The industry sector also recorded stronger growth, expanding by 6.9 per cent compared with 4.1 per cent in the first quarter of last year.
According to the Government Statistician, Mining and Quarrying grew by 10.7 per cent, while the Oil and Gas sector rebounded to record growth of 7.0 per cent.
The sector’s performance reflected increased activity in extractive industries and improved output from petroleum-related operations.
“The increase in mining and the return to growth in the oil and gas sector supported economic output and helped sustain the momentum recorded during the first three months of the year,” he said.
The agriculture sector recorded growth of 4.0 per cent, supported mainly by Forestry and Logging, which expanded by 9.0 per cent, and Crop Production, which grew by 4.7 per cent.
However, the sector’s performance was affected by a sharp decline in Fishing, which contracted by 18.5 per cent during the period.
Latest data also showed that the economy expanded by 1.6 per cent on a seasonally adjusted quarter-on-quarter basis, indicating continued growth between the final quarter of 2025 and the first quarter of 2026.
Monthly indicators released by the GSS pointed to steady economic activity throughout the quarter of 2026.
The Monthly Index of Economic Growth recorded growth rates of 6.1 per cent in January, 7.7 per cent in February and 5.4 per cent in March.
Information and Communication emerged as the fastest-growing sub-sector with a growth of 25.2 per cent.
It was followed by Transport and Storage at 13 per cent, Mining and Quarrying at 10.7 per cent, and both Trade and Repair of Vehicles and Forestry and Logging at 9.0 per cent.
The weakest-performing areas of the economy were Fishing, which declined by 18.5 per cent, Accommodation and Food Services at 13.6 per cent, Water and Sewerage at 3.7 per cent, Real Estate at 3.2 per cent and Health and Social Work at 1.0 per cent.
The Government Statistician 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 its expansion path at the start of 2026.
