Ghana’s services sector is expected to remain the main engine of economic growth in 2026, supporting the baseline GDP projection of 4.8%, according to the latest EM Advisory macroeconomic outlook. 

Analysts say financial services, telecommunications, and trade will continue expanding despite constraints in manufacturing and oil production.

The 2025 turnaround created a solid platform for services-led growth. 

“Non-oil GDP growth of 5.0% demonstrates the underlying strength of the productive economy,” the advisory noted, highlighting improvements in domestic trade, banking, and ICT services. 

Agriculture and manufacturing are projected to contribute more moderately, with manufacturing growth at 5% due to high financing costs and power supply challenges.

The oil and gas sector, in contrast, is expected to contract by 15.6% in 2026, reflecting natural decline in mature fields and delayed new production. 

“While oil output slows, the resilience of services and industry helps cushion the overall economy,” EM Advisory analysts said, stressing the importance of non-oil sectors for stable growth.

Fiscal and monetary policies will also shape sectoral outcomes. With a projected policy rate of 14% by mid-2026, lending costs are expected to remain high, potentially slowing private investment in capital-intensive industries. 

The advisory urges supply-side interventions and improved infrastructure to sustain service expansion.

Analysts stress that 2026 is a pivotal year for translating stability into tangible results. 

“Executing flagship programmes like the Big Push and 24-hour economy at a moderate pace could strengthen services, manufacturing, and trade, ensuring growth is both inclusive and sustained,” the report concluded.