"Subdued consumer confidence expected to persist in 2023 and 2024"

" Subdued consumer confidence expected to persist in 2023 and 2024 \r\n\r\nFitch Solutions anticipates a challenging landscape for Ghana's consumer sector, with subdued confidence expected to persist throughout the remainder of 2023 and into 2024, closely mirroring the trajectory of Ghana\u2019s inflationary pressures.\r\n\r\nIn the latest data available for June 2023, Ghanaian consumer confidence experienced a setback, falling to 87.5 from its brief upswing to 88.8 in April of the same year.\r\n\r\nWhile this figure still stands notably higher than the 79.7 recorded in June 2022, it remains below the robust average of 96.5 observed during the tumultuous year of the Covid-19 pandemic in 2020.\r\n\r\nThis decline can be attributed to a combination of factors, including persistently high levels of inflation, a deceleration in economic growth, growing dissatisfaction with government policies, and recent interest rate hikes, all contributing to a subdued sentiment among Ghana's consumers.\r\n\r\nFitch Solutions in its Ghana Consumer Outlook Report, underscores that these trends have taken a toll on consumer activity within the Ghanaian market.\r\n \r\n Consumer Confidence Improves, Inflation Impacting Consumer Activity \r\n \r\n \r\n Ghana - Consumer Confidence Index (LHC) & Mobile Money Transactions (RHC) \r\n \r\nIn Q2 2023 for instance, the total value of mobile money transactions dropped from GHS 159.7 billion (USD 14.0 billion) in March 2023 to GHS 149.4 billion (USD 13.1 billion) by June 2023, according to the latest available data.\r\n\r\nAccording to the research agency, it's important to note that a significant portion of the nominal value increase since Q4 2021 can be attributed to the specter of inflation, which has maintained an alarming average of 33.4% year-on-year between October 2021 and July 2023.\r\n\r\nSimultaneously, as inflation resurged, the volume of mobile money transactions declined, plummeting from 563 million transactions in May to 532 million transactions in June 2023, reflecting a prudent consumer approach amid economic uncertainties.\r\n\r\n "

"Subdued consumer confidence expected to persist in 2023 and 2024"

Ghana’s GDP Growth Forecast Raised to 6.2% for 2025 on Strong Mining OutlookAMP

Sustainable Banking Principles to Guide ESG Integration and Risk Assessment in Construction Sector Financing – BoGAMP

Asian Teams Gear Up for FIFA Women’s World Cup Qualification in Tough DrawAMP