Business, consumer confidence improves; economic growth remains strong

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The latest confidence surveys by the Bank of Ghana conducted in December 2024 showed an improvement in both consumer and business confidence.

According to the Central Bank, consumer confidence improved largely on account of optimism about future economic conditions.

Similarly, business confidence also picked up as firms met their short-term targets and expressed positive sentiments about company and industry prospects in line with improving macroeconomic conditions.

Ghana’s Purchasing Managers’ Index (PMI), however, declined to 49.4 in December 2024 from 52.5 in the previous month largely due to a slowdown in firms’ operations during the election period.

Meanwhile, in the fourth quarter of 2024, the Bank of Ghana’s Composite Index of Economic Activity (CIEA) indicated that growth will remain strong.

This will be driven in large parts by international trade activities, increased credit to the private sector by banks, construction activities, and tourist-related spending

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