By David Nii ARMAAH
If you asked most people what’s driving Ghana’s economy today, many would point to the same old answers — agriculture, cocoa, or gold.
They would easily be right because these traditional sectors have long been the backbone of the nation’s GDP and a major source of revenue. But in 2025, the data tells a very different story.
According to new economic figures, the services sector – led by the Information and Communication Technology (ICT) industry — is now Ghana’s fastest-growing segment, expanding by an impressive 9.9percent year-on-year in 2025.
This growth not only makes it the fastest-expanding part of the economy, but it also cements its position as the single largest contributor to Ghana’s GDP growth. So you might be wondering what the ICT industry entails and what projects are driving this transformation.
What makes up Ghana’s ICT industry?
Three major contributors stand out as the heart of this rapid growth:
- Telecommunication Services – Leading the charge are Ghana’s mobile network operators, who have invested heavily in expanding network capacity and modernizing infrastructure. This ongoing expansion supports voice, SMS, and the increasingly high demand for mobile data usage across the country. With more than 41 million active mobile subscriptions, penetration exceeds 134percent of the population, highlighting multiple device usage per person and widespread service adoption.
- Fintech and Mobile Money – Ghana is a continental leader in mobile money and digital financial services, with mobile money transactions growing by 74percent year-on-year and mobile penetration above 120percent. The government’s US$50 million Fintech Growth Fund and regulatory support both catalyze rapid fintech innovation and financial inclusion, contributing significantly to the sector’s economic footprint
- Internet Service Providers (ISPs): Providing the essential broadband infrastructure, ISPs have grown the digital backbone with fiber optic cable expansion, wireless broadband, and increasing internet penetration, which currently stands around 78percent. These services enable Ghana’s businesses and households to connect and participate in the digital economy.
Software and app development, as well as cybersecurity and hardware, are growing areas, but do not yet match the scale and economic contribution of these three leading sub-sectors. All together, the above elements define the heart of Ghana’s ICT ecosystem, but while this shows us what the sector is made of, the real story lies in how it’s accelerating so quickly and what’s propelling this growth.
What’s driving ICT’s rise?
The main forces behind this explosive growth are:
- Heavy network investments: Telecom operators pledged nearly US$400 million in 2025 to expand coverage, improve speeds, and deploy 5G technology, boosting connectivity beyond major urban centers.
- Government digital initiatives: National broadband expansions, public service digitization, and startup ecosystem support have created a fertile environment for ICT adoption and innovation.
- Fintech expansion: The rapid growth of mobile payments and digital financial services, supported by government funds and regulatory frameworks, is transforming commerce and financial inclusion
The ICT Boom – Unpacking the numbers
Ghana’s ICT sector surged by an unprecedented 21.3percent in the second quarter of 2025, outpacing every other segment of the economy and driving the nation’s overall GDP growth to 6.3percent annually.
Services, which include ICT alongside trade and education, grew an impressive 9.9percent, contributing over half of all new economic activity this year. This expansion is powered by rising data usage, a rapidly digitizing marketplace, and increasing consumer demand for online, mobile, and cloud-based solutions.
Conclusion
Ghana’s ICT sector is transforming the country’s economy faster than ever before. As more people, businesses, and government services move online, the ICT sector will keep shaping how the country grows, creates jobs, and competes globally. It’s more than technology; it’s about making life better for people and creating more chances for growth in every part of the country.
>>>the writer is a top-tech Researcher and an Industry voice. He possesses the analytical skills of an applied researcher and expertise in data, technology, innovation, and digital entrepreneurship. Connect via LinkedIn: David Nii Armaah
