Ghana's economy recorded a strong start to 2026, growing by 6.4% in the first quarter of the year, according to new data released by the Ghana Statistical Service (GSS).

The growth rate marks a slight improvement from the 6.2% recorded during the same period in 2025 and reflects continued expansion across key sectors of the economy despite global economic challenges.

However, banking consultant Dr Richmond Atuahene says the encouraging figures should not overshadow the need to address long-standing structural challenges, particularly in agriculture and state-owned enterprises (SOEs).

According to Dr Atuahene, Ghana must invest more heavily in agriculture, productive businesses and public enterprises if it wants to sustain economic growth in the years ahead.

"The economy has shown resilience, but agriculture requires greater attention," he said. "Ghana continues to import large quantities of rice, even though local farmers can produce much more if they receive adequate support."

He explained that investments in irrigation systems, storage facilities, processing plants and affordable financing would help boost local rice production, reduce food imports and ease pressure on the country's foreign exchange reserves.

The GSS report showed that the non-oil economy also expanded by 6.3%, indicating broad-based growth across several sectors. On a quarter-to-quarter basis, real Gross Domestic Product (GDP) increased by 1.6%, suggesting that economic activity continued to improve between the final quarter of 2025 and the first quarter of 2026.

Monthly economic data also reflected steady performance, with growth rates of 6.1% in January, 7.7% in February and 5.4% in March.

The services sector remained the biggest driver of economic growth, expanding by 7.1% and contributing nearly half of total GDP growth. Information and Communication led the sector with an impressive growth rate of 25.2%, followed by Transport and Storage at 13.0% and Trade at 9.0%.

Analysts say the strong performance highlights the increasing importance of digital services, trade and logistics in Ghana's economy.

Industry also recorded solid growth of 6.9%, up from 4.1% a year earlier. Mining and Quarrying grew by 10.7%, while the Oil and Gas sector rebounded with a 7.0% expansion. Increased commercial activity also helped boost growth in Trade and Repair of Vehicles.

The agriculture sector expanded by 4.0%, supported mainly by Forestry and Logging, which grew by 9.0%, and Crop Production, which increased by 4.7%.

Despite these gains, the fishing industry experienced a significant decline of 18.5%, slowing overall growth in the agricultural sector.

Among the fastest-growing segments of the economy were Information and Communication, Transport and Storage, Mining and Quarrying, Trade, and Forestry. On the other hand, Accommodation and Food Services, Water and Sewerage, Real Estate, and Health and Social Work all recorded contractions during the quarter.

Dr Atuahene stressed that improving the performance of state-owned enterprises is equally important for Ghana's long-term development.

He noted that stronger governance, better management practices and increased efficiency would enable SOEs to contribute more effectively to economic growth and national development.

The banking consultant also called for greater support for private sector businesses, arguing that increased investment would create jobs, boost production and help diversify the economy.

"Encouraging private sector investment is critical. It can create employment opportunities, increase output and strengthen the country's economic resilience," he said.

The Ghana Statistical Service identified Information and Communication, Mining and Quarrying, Trade, Crop Production, and Transport and Storage as the main drivers behind the economy's strong performance in the first quarter of 2026, signalling positive momentum for the rest of the year.