By Issah Olegor
The economy showed a provisional growth rate of 3.8% in October 2025, up from 3.0% in the same period last year, according to the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
The data point to an expansion driven largely by the services and industry sectors, with agriculture lagging behind.
The services sector, the backbone of the economic growth, expanded by 5.5%, slightly lower than the 5.6% recorded in October 2024.
This sector alone accounted for nearly three-quarters (74.7%) of the overall economic growth, supported by strong performance in communication, wholesale, and retail trade.
Meanwhile, the industry sector rebounded strongly, growing 3.0% in October 2025 compared to just 0.4% a year earlier, contributing 28.7% to the overall growth figure.
In contrast, the agriculture sector experienced a slowdown, with growth at 0.9%, down from 2.1% in October 2024, highlighting persistent challenges in farm productivity and output.
Agriculture’s contribution to the total growth was marginal at 1.3%.
While these numbers suggest a steady economic recovery, sources within government indicate that officials are exploring an economic rebasing exercise to artificially inflate the country’s GDP.
This move, reportedly under consideration by the Ministry of Finance in consultation with the Government Statistician, is expected to reduce Ghana’s debt-to-GDP ratio, creating fiscal space to resume borrowing from the international market.
The proposed rebasing has raised alarm among economists, who caution that manipulating GDP figures carries significant risks.
Critics argue that the strategy could undermine two years of economic gains, distort fiscal policy planning, and ultimately erode investor confidence if the adjustments are not transparently implemented.
Historically, Ghana has undertaken rebasing exercises to reflect the evolving structure of the economy, most notably in 2010 when GDP was revised upward by more than 60%, reshaping the country’s economic outlook.
However, experts warn that rebasing solely for debt management purposes, rather than to capture real economic growth, could have unintended consequences.
The GSS notes that the MIEG offers a short-term snapshot of economic trends, complementing quarterly and annual GDP estimates used for broader policymaking.
With growth in services and industry continuing to drive the economy, government authorities face mounting pressure to balance fiscal needs with long-term economic stability.
