Ghana Trails Nigeria After Posting 6.4% Year-On-Year Growth In Q1, 2026

Ghana’s economic growth is significantly trailing Nigeria after it posted a robust 6.4 per cent year-on-year growth in the first quarter of 2026, according to official data released by the Ghana Statistical Service (GSS).

The figure, announced by Ghana’s chief statistician Alhassan Iddrisu marks a solid performance that outpaces many regional peers and demonstrates the country’s resilience amid global headwinds, including disruptions from the ongoing conflict in Iran.

On the other hand, Nigeria’s economy recorded a real Gross Domestic Product (GDP) growth of 3.89 per cent year-on-year in the first quarter of 2026, according to the National Bureau of Statistics (NBS). This indicates sustained momentum, up from the 3.13 per cent growth posted in Q1 2025.

The Q1 2026 growth was primarily anchored by the non-oil sector, alongside a rebound in key drivers.

The growth rate represents an acceleration from the previous quarter and reflects broad-based expansion across key sectors. Services remained the dominant driver, expanding by 7.1 per cent and contributing nearly half of the overall GDP growth. Within this segment, the Information and Communication (ICT) sub-sector delivered an impressive 25.2 per cent surge, underscoring Ghana’s accelerating digital transformation. Transport and Storage grew by 13 per cent, while Trade, Repair of Vehicles and Household Goods expanded by 9 per cent.

Industry also staged a strong recovery, growing 6.9 per cent compared to 4.1 per cent in the same period last year. The standout performer was Mining and Quarrying, which rebounded sharply to 10.7 per cent growth from just 2.7 per cent a year earlier. Oil and Gas recovered to post 7 per cent growth after a significant contraction in Q1 2025. Manufacturing contributed positively with 6.2 per cent expansion.

Non-oil real GDP grew by a healthy 6.3 per cent, indicating that the momentum extends well beyond the petroleum sector. Analysts attribute the strong showing to a combination of lower inflation, reduced interest rates that have eased borrowing costs for businesses, and ongoing structural reforms implemented by the government.

“These results reflect the positive impact of our macroeconomic stabilisation efforts and targeted interventions in productive sectors,” Iddrisu noted during the press briefing. Lower inflation and borrowing costs have allowed companies to expand operations, invest in capacity, and hire more workers.

The mining rebound is particularly noteworthy. Ghana remains one of Africa’s leading gold producers, and higher commodity prices combined with improved operational efficiencies have boosted output. The ICT surge aligns with broader continental trends of digitalisation, with increased adoption of mobile money, fintech solutions, and data services driving economic activity.

For investors and businesses, the data signals renewed confidence in Ghana’s economic trajectory. The combination of resource strength in mining and rapid digital growth positions the country favourably for foreign direct investment in both traditional extractives and emerging technology sectors.

Looking ahead, economists expect the positive momentum to continue through 2026, supported by further policy easing, infrastructure investments, and Ghana’s strategic location as a gateway to West African markets. Challenges such as global commodity price volatility and the need for continued fiscal discipline remain, but the Q1 performance provides a strong foundation.

With services and industry both firing on multiple cylinders, Ghana is demonstrating that diversified growth – blending natural resources with digital innovation – can deliver sustainable economic progress even in a turbulent global environment. The 6.4% expansion is more than just a quarterly statistic; it is a clear indicator that Africa’s economies can thrive through smart reforms and sectoral dynamism.