Consumer spending, proxied by domestic VAT collections and retail sales, posted a positive performance in January 2026 compared with the corresponding period in 2025.

According to the March 2026 Monetary Policy Report (MPR), domestic VAT collections increased by 7.1% on a year on-year basis to GH¢1.799 billion, from GH¢1.680 billion.

However, on a month-on-month basis, domestic VAT declined by 13.1%nt in January 2026 from GH¢2.069 billion in the preceding month.

Retail sales increased by 16.6% year-on-year to GH¢277.88 million in January 2026, up from the GH¢238.38 million recorded in the same period in 2025. Compared to December 2025, however, retail sales declined by 41.1%.

Manufacturing Activities

Also, activities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1), recorded a positive performance in January 2026.

Total Direct Taxes collected increased by 9.0% to GH¢5.802 billion in January 2026, compared with GH¢5.322 billion recorded in January 2025.

Conversely, on a month-on-month basis, total Direct Taxes collected for January 2026 declined by 64.4% from GH¢16.305 billion collected in December 2025.

In terms of contributions of the various sub-tax categories, corporate tax accounted for 40.7%, Income tax (PAYE and self-employed) accounted for 40.3%, while “Other Tax Sources” contributed 18.9%. Total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) went up by 16.8% in year-on year terms to GH¢551.97 million in January 2026 from GH¢472.62 million collected during the corresponding period in 2025.

Construction Sector

Activities Activity in the construction sub-sector, proxied by the volume of cement sales, declined by 7.7% year-on-year in January 2026 to 206,798.89 tonnes, compared with 223,936.19 tonnes recorded a year ago.

On a month-on-month basis, total cement sales remained largely unchanged in January 2026 compared with the 207,929.45 tonnes recorded in December 2025.

The year-on-year decline in total cement sales was due to a slowdown in construction activities during the review period.