The Ghana Statistical Service (GSS) has introduced a new index aimed at filling the information gap between quarterly GDP releases, providing policymakers and investors with a more immediate measure of economic performance.
Data from the index indicates that the economy continued its growth momentum, with the MIEG rising to 110.2 in July 2025, up from 105.4 in the same period last year.
Despite the positive trend, the latest figures point to a slowdown compared to the 8.3 percent growth recorded in July 2024. The expansion was largely supported by a strong rebound in agriculture, which grew by 8.0 percent, and steady growth in the services sector at 6.4 percent.
The industrial sector, however, showed minimal growth, recording only a 0.1 percent increase.
Presenting the findings, Government Statistician Dr. Alhassan Iddrisu said the MIEG provides “timely insights to support swift and evidence-based policy responses.”
He added that the new measure serves as a “leading high-frequency indicator of GDP growth,” enabling better tracking of policy impacts and improving the forecasting of economic trends.
According to the sectoral analysis, services contributed 2.63 percentage points to the 4.5 percent total growth, while agriculture accounted for 1.67 percentage points. The industrial sector made a modest contribution of 0.04 percentage points.
Although industrial gold production increased, the GSS noted that this was largely offset by a decline in petroleum and gas output.
The MIEG, which uses 2023 as its base year with an index of 100, is provisional and may be revised as more comprehensive data becomes available. The next update, covering August 2025, is scheduled for release on November 12.
Meanwhile, the World Bank has made a U-turn on its earlier prediction of Ghana’s 2025 economic growth, upgrading the forecast from its previous estimate to 4.3 percent.
This was contained in the October 2025 edition of Africa’s Pulse Report, released by the Bank in Washington, D.C. In April this year, the World Bank projected Ghana’s economy to expand by 3.9%.
The Bank attributed weather-related uncertainties as factors that could influence the country’s overall economic performance. Meanwhile, the World Bank expects Ghana’s December inflation to close at 15.4%.
Earlier in September, the World Bank disbursed $360 million from its International Development Association (IDA) to Ghana.
This funding was made possible through the Second Resilient Recovery Development Policy Financing operation, to support Ghana’s efforts to restore macroeconomic stability.
Parliament gave the nod in July after the World Bank Board approved the facility in June. The World Bank Group is a family of five international organizations that provide leveraged loans to developing countries. It is the largest and best-known development bank in the world, serving as an observer at the United Nations Development Group.
The Bank is headquartered in Washington, D.C., United States. Its objectives are to restore fiscal sustainability, support financial sector stability and private sector development, improve energy sector financial discipline, and strengthen social and climate resilience.
The recent disbursement comes at a time when Ghana’s local currency, the cedi, has been ranked as the worst-performing currency in a recent report published by the global financial news outlet Bloomberg.
Ghana cedi’s strong performance was a central theme highlighted by President John Mahama during an interaction with potential investors in Singapore and Japan weeks ago. President Mahama emphasised the robust performance of the local currency to underscore Ghana’s macroeconomic stability and attractiveness as a destination for foreign capital.
However, the cedi’s brief gains were short-lived after its rapid depreciation made it the worst-performing currency. According to Bloomberg’s recent report released on Thursday, September 4, the Ghana cedi is the worst-performing currency among all trading currencies, attributing the depreciation to a surge in demand for dollars by companies paying for imports.
“A surge in demand for dollars by companies paying for imports has ended the Ghana cedi’s recent strong performance,” Bloomberg said.Bloomberg attributed the new development to the “strong gold prices,” while emphasizing that Ghana’s cedi has seen more than a ten percent (10%) depreciation in the current quarter.
This, Bloomberg noted, has erased the fifty percent gain against the dollar in April and June. According to Bloomberg, the cedi traded 0.1 per cent weaker at GH¢11.9507 per dollar at 1:50 a.m. Despite the losses, it has gained 23 per cent so far this year.
“Now, the currency, which had ranked first globally on the back of strong gold prices, has weakened by 13 per cent in the current quarter. Bloomberg data showed this was the steepest fall worldwide, erasing part of the 50 per cent gain recorded between April and June,” the report said.
But Bloomberg has indicated that “Despite the losses, it has gained 23 per cent so far this year based on market data.” Reacting to Bloomberg’s report, the Bank of Ghana (BoG) noted, “The cedi should be stable within a reasonable range,” the central bank said in an emailed response.
“Our role is to ensure fluctuations remain orderly, that they reflect fundamentals, and that they do not undermine confidence in the broader economy.”
Bloomberg, in April this year, ranked the cedi as the best-performing currency with a sixteen percent (16%) gain against the dollar. What made the cedi earn the tag as the worst-performing currency is the steepest decline on the global level.
