Consumer, business confidence softens, but economic activity surges – BoG

Latest confidence surveys by the Bank of Ghana indicates some softening of consumer and business sentiments.

These findings, according to the Bank of Ghana were broadly in line with observed trends in Ghana’s Purchasing Managers’ Index (PMI).

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This fell below the 50.0 benchmark to 49.7 in June 2024, from 51.6 in the previous month.

Beyond the first quarter, the Central Bank’s high frequency real sector indicators reflected a pickup in economic activity.

This is evidenced by the updated real Composite Index of Economic Activity (CIEA) annual growth of 3.3% in May 2024, compared to a contraction by 3.7% in May 2023.

The key drivers of the growth in the CIEA were private sector contribution to SSNIT, imports, cement sales, exports, domestic VAT, and tourist arrivals.