Economic activity in the country has begun to pick up, according to data released by the Bank of Ghana, (BoG).
In the third quarter, the Bank’s high frequency real sector indicators pointed to a sustained pick-up in economic activity.
The updated real Composite Index of Economic Activity (CIEA) recorded an annual growth of 2.2 percent in September 2024, compared to a contraction of 0.4 percent in the corresponding period of 2023.
Major drivers of the improvement in economic activity include increased port activity, households and firms consumption of goods and services , construction activities, credit to the private sector, and higher tourist arrivals.
The Bank’s latest confidence surveys conducted in October 2024 reflected sustained recovery in sentiments. While consumer confidence was broadly unchanged, business confidence improved as firms met their short-term targets and expressed optimism about company and industry prospects.
The survey findings were broadly consistent with trends observed in Ghana’s Purchasing Managers’ Index (PMI), which also signaled an improvement in business conditions. The PMI increased to 50.6 in October 2024, up from 49.1 in September.
