BoG’s Composite Index of Economic Activity Improves to 8.8% in November 2025
The Bank of Ghana’s (BoG) Composite Index of Economic Activity (CIEA) recorded a further improvement in the final quarter of 2025, reflecting strengthening momentum in the domestic economy.
According to the Central Bank’s latest Monetary Policy Committee (MPC) release, the CIEA expanded by 8.8% in November 2025, a significant acceleration from the 1.5% growth recorded in November 2024.
The BoG attributed the improvement largely to increased international trade activities, growth in credit to the private sector, higher industrial production, and rising consumption levels during the period.
“The improvement in the CIEA was driven by stronger trade flows, expanding private sector credit and improved industrial output,” the report noted.
In addition, the Bank said results from the latest consumer and business confidence surveys continued to signal improving sentiment regarding macroeconomic conditions.
Survey respondents cited easing inflationary pressures, relative currency stability, expectations of lower borrowing costs, short-term realisation of industry prospects, and the attainment of company targets as key factors underpinning the renewed optimism.
The Central Bank indicated that the improving confidence levels suggest stronger near-term economic activity, as households and firms respond positively to the stabilising macroeconomic environment.
