Ghana's economy is expected to experience a growth rate re-acceleration in the second half of 2026. IC Insights, a research firm, has expressed confidence in the country's economic recovery, citing continued growth in the oil and gas sector. Tullow Oil PLC's management guidance indicates that new wells came on stream in July and August 2026, with initial production rates meeting expectations. This development is expected to contribute to Ghana's economic growth.
The Services sector has been identified as Ghana's growth engine, contributing 57.6% of the overall growth in quarter 2 2026. The sector's growth accelerated to 8.0% year-on-year from 7.1% in the first quarter of 2026. The Information and Communication sub-sector has been a significant contributor to this growth, extending its remarkable growth to 30.9% year-on-year. This is a notable increase from 25.2% in quarter one 2026 and 21.3% in the second quarter of 2025.
The Industry sector experienced a slowdown in growth, easing to 4.3% year-on-year in the second quarter of 2026. This represents a decline from the 6.9% growth recorded in the first quarter of 2026. However, this growth rate is an acceleration from the 2.4% modest growth in the corresponding quarter of 2025. The Mining and Quarrying sub-sector experienced a sharp slowdown in growth rate to 2.6% year-on-year in the second quarter of 2026.
The Agriculture sector's growth slowed to 3.9% year-on-year from 7.1% a year earlier. The sector was dragged down by a deep contraction in fishing (-24.7%), which posted the third consecutive contraction. However, the cocoa sector grew faster in the second quarter of 2026 by 5.2% year-on-year. IC Insights attributes this growth partly to a high base effect from last year's rebound and expects the sector to benefit from the authorities' efforts to secure domestic financing for cocoa purchases.
IC Insights has retained its full-year 2026 overall real GDP growth forecast at 6.4% ± 0.5 percentage points. The firm expects a boost in economic activity in 4Q2026, driven by the annual yuletide activities that will revive house final consumption expenditure. The Information, Communication and Technology (ICT) sector is expected to remain the growth anchor for Services, while transports and storage, financial and insurance activities, and trades are expected to provide further tailwind.
The growth rate for Mining and Quarrying represents a rebound from 1.8% contraction a year earlier. IC Insights noted that the slowdown in the growth rate for Mining and Quarrying was significant. However, the firm remains optimistic about the sector's prospects. The cocoa sector's growth is expected to improve, driven by the authorities' efforts to secure domestic financing for cocoa purchases and improve the financing architecture for the 2026/27 crop season.
Ghana's economic growth is expected to be driven by various sectors, including oil and gas, ICT, and cocoa. The country's growth rate is expected to exceed 6.5% in 2026, according to Databank Research. The government's efforts to secure domestic financing for cocoa purchases and improve the financing architecture for the 2026/27 crop season are expected to boost the sector's growth.
Key points
- Ghana's GDP growth rate is expected to re-accelerate in the second half of 2026.
- The Services sector has been identified as Ghana's growth engine, contributing 57.6% of the overall growth in quarter 2 2026.
- IC Insights has retained its full-year 2026 overall real GDP growth forecast at 6.4% ± 0.5 percentage points.
