Recent data from the Bank of Ghana suggests a decline in consumer and business confidence, mirroring a slowdown in overall economic activity.
The country’s Purchasing Managers’ Index (PMI) dipped below the crucial 50-point mark in June, signaling contraction in the manufacturing sector.
However, there is a glimmer of hope.The Bank’s Composite Index of Economic Activity (CIEA) indicates a rebound in economic growth for May 2024 compared to the same period last year.
This uptick is attributed to increased activity in sectors such as private sector contributions, imports, cement sales, exports, and tourism.
While these figures present a mixed economic picture, it is clear that Ghana is navigating a complex landscape. The Bank of Ghana will continue to monitor these trends closely to inform its policy decisions.
Key points:
- Decline in consumer and business confidence
- Contraction in manufacturing sector (PMI below 50)
- Growth in overall economic activity (CIEA)
- Positive contributions from various sectors
It is essential to note that these are short-term indicators, and the overall health of the Ghanaian economy will depend on sustained growth and improvements in consumer sentiment.
