BoG’s CIEA records 9.6% annual growth
The Bank of Ghana’s (BoG) Composite Index of Economic Activity (CIEA) for January 2024 recorded an annual growth of 9.6 percent at end-November 2023 compared to the negative 6.2 percent recorded in the corresponding period of 2022.
The annual growth rate recorded according to the Central Bank is the highest since the beginning of 2023 indicating a rebound with sustained momentum in the pick-up of economic activity.
Drivers of economic activity for the period under review were construction, imports, industrial consumption of electricity, domestic VAT, passenger arrivals at the airport, and port activity.
Growth in the CIEA were further underpinned by the rise in the Business and Consumer Confidence Index measured by the BoG.
The rise in the aforementioned indices indicates a strengthening of business and consumer sentiments amid the pick-up in economic activity.
The BoG’s CIEA measures changes in the level of economic activity.
