The Bank of Ghana Reports an Increase in Economic Activity in January 2024

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The Bank of Ghana’s real sector indicators show a continual uptick in economic activity during the first month of 2024. The updated real Composite Index of Economic Activity (CIEA) recorded a 3.5% annual growth in January 2024, contrasting with a 7.6% contraction seen in the same period in 2023.

Key drivers of this growth include port activity, imports, industrial electricity consumption, domestic VAT, and tourist arrivals.

Furthermore, the Central Bank’s confidence surveys in March 2024 indicate ongoing improvements in business sentiment. While the Consumer Confidence Index remained relatively stable compared to the January 2024 survey, business confidence has strengthened further.

Firms reported meeting short-term targets and expressed optimism regarding company and industry prospects.

These survey results align with the trend observed in Ghana’s Purchasing Managers Index (PMI), which also reflects improved business conditions. The PMI rose slightly above the 50.0 benchmark to 50.2 in February 2024, up from 48.4 in January 2024.

 

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