Data from the Bank of Ghana indicates that the real sector of the economy exhibited mixed performance in the eleven months of 2023.
According to the January 2024 Monetary Policy Report, consumer spending, proxied by domestic VAT collections and retail sales, posted a strong performance in November 2023, compared with the corresponding period in 2022.
Domestic VAT collections increased significantly by 128.9% on a year-on-year basis to GH¢1.978 billion, from GH¢864.65 million. Cumulatively, total domestic VAT for the first eleven months of 2023 went up by 66.6% to GH¢12.831 billion, compared with GH¢7.703 billion for the corresponding period of 2022.
Retail sales also increased by 2.4% (year-on-year) to GH¢193.12 million in November 2023, up from the GH¢188.60 million recorded in the same period in 2022. Cumulatively, retail sales for the first eleven months of 2023 went up by 30.4%.
Manufacturing sector activities improve
Also, activities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1), improved in November 2023.
Total Direct Taxes collected increased markedly by 135.3% (year-on-year) to GH¢5.880 billion in November 2023, relative to GH¢2.498 billion recorded in a similar period in 2022.
Cumulatively, total Direct Taxes collected for the first eleven months of 2023 went up by 60.6% to GH¢44.432 billion, from GH¢27.668 billion for the same period in 2022.
Construction sector activities dip
Activity in the construction sub-sector, proxied by the volume of cement sales, declined by 13.2% (year-on-year) in November 2023 to 231,571.37 tonnes. This was down from 266,695.03 tonnes recorded a year ago.
Cement sales for the first eleven months of 2023 went down by 25.1% to 2,358,386.77 tonnes, from 3,150,687.94 tonnes for the same period of 2022.
Vehicles registered fell
Transport sector activities, gauged by new vehicle registrations by the Driver and Vehicle Licensing Authority (DVLA), declined by 14.8% to 7,268 in November 2023, from 8,533 vehicles registered during the corresponding period of 2022.
Cumulatively, vehicles registered by the DVLA within the first eleven months of 2023 decreased by 35.7% to 135,544, from 210,755 recorded a year ago.
Passenger arrivals inch up
Passenger arrivals improved by 25.5% in year-on-year terms to 104,157 in November 2023, up from 82,977 arrivals recorded a year ago. Compared to October 2023, passenger arrivals increased by 4.3%. Cumulatively, for the first eleven months of 2023, there were 1,019,841 arrivals recorded at the international airport and the land borders, compared with 810,611 arrivals for the corresponding period in 2022, representing a growth of 25.8%.
Ports and harbours activity dips
International trade at the two main harbours (Tema and Takoradi), as determined by laden container traffic for inbound and outbound containers, improved during the period under review. Total container traffic increased by 28.8%, year-on-year, to 57,738 in November 2023, up from 44,843 in November 2022.
In cumulative terms, however, total container traffic for the first eleven months of 2023 dipped by 3.3% to 570,711, compared with 590,297 for the corresponding period of last year.
