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

The Bank of Ghana's latest confidence surveys show a decline in consumer and business sentiments, aligning with trends in Ghana’s Purchasing Managers’ Index (PMI), which dropped to 49.7 in June 2024 from 51.6 in May.

Despite this, economic activity picked up beyond the first quarter. The real Composite Index of Economic Activity (CIEA) grew by 3.3% in May 2024, compared to a 3.7% contraction in May 2023.

Key growth drivers included private sector contributions to SSNIT, imports, cement sales, exports, domestic VAT, and tourist arrivals.