BoG’s CIEA contracts by 2.8% yoy
According to the Central Bank, the updated real Composite Index of Economic Activity (CIEA) contracted at a slower pace by 2.8 percent year-on-year in July 2023, indicating a slight improvement from a contraction of 3.1 percent in June 2023 and 3.7 percent in May 2023.
The main indicators that contributed to the slight recovery in the Index during the period were industrial consumption of electricity, private sector contributions to Social Security, and tourist arrivals.
Credit to the private sector, cement sales, and port activity, however, slowed down over the period.
Consumer and Business sentiments as indicated by the results from the Bank’s latest confidence surveys conducted in August 2023 were mixed.
Business Confidence Index reflected the achievement of short-term company targets with positive sentiments about industry prospects due to improving consumer demand and the relative stability in the local currency.
Consumer Confidence Index however, dipped due to the utility tariff adjustments and recent increases in ex-pump petroleum prices.
Ghana’s Purchasing Managers’ Index (PMI) for August 2023, on the other hand, increased for the sixth successive month, pointing to a sustained improvement in business activity.
