Domestic economic activity has moderated somewhat, the Bank of Ghana has revealed.
High frequency indicators monitored by the Central Bank signalled some moderation in economic activity in the third quarter, relative to the first two quarters of the year.
The Bank’s Composite Index of Economic Activity (CIEA) contracted by 1.2% in September 2022, compared with 11.1% growth, a year earlier.
The main indicators, it pointed out that dragged down the index were domestic VAT, ports activity, and cement sales.
The Bank’s survey of Business and Consumer confidence conducted in October 2022 continued to point to softening economic sentiments. Consumer confidence dipped on account of rising inflation and uncertainty about future economic conditions.
Business sentiments also deteriorated on concerns about rising operational costs, sharp currency depreciation, and weak consumer demand.
These survey findings, the Bank of Ghana, said were aligned with the decline in Ghana’s Purchasing Managers’ Index (PMI), which eased further to 44.0 in October 2022 from 45.6, a month earlier.
Latest Stories
- Iraq reiterates support for Morocco’s sovereignty over Sahara
28 mins - Akufo-Addo’s loud silence on Auditor-General’s report shocking – Dr Apaak
29 mins - Bisa Kdei hosts fans and top industry players at ‘Original’ album listening party in UK
35 mins - Dr. Clement Apaak: Covid-19 expenditure audit report and Akufo-Addo’s posture
2 hours - Monkeypox Outbreak: Ghana records four deaths, 116 cases
2 hours - Playback: UCC and Mountcrest University go head to head on The Law Challenge
3 hours - Akufo-Addo is resolved to reduce plight of Ghanaians through youth employment, job creation – YEA boss
3 hours - Al Sadd and Andre Ayew agree to contract termination
4 hours - Close down Office of the Auditor-General – GHAMRO CEO fumes
4 hours - The best time for me to write great songs is when I’m heartbroken – Kwabena Kwabena
4 hours - I didn’t become a bad manager overnight – Klopp
4 hours - Minority Leadership Change: Party is not divided – Asiedu Nketia assures NDC-UK
4 hours - Adomfe goes sombre as cop, family killed in fire are buried
4 hours - Australian Open: Djokovic beats Tsitsipas in Melbourne final to equal Nadal’s 22 Grand slams wins
4 hours - Photos: Gifty Anti fetes children at Tema General Hospital to mark 53rd birthday
5 hours