Economic activity picks up; business, consumer confidence also improve

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The Bank of Ghana’s high frequency real sector indicators pointed to sustained pickup in economic activity.

According to the central bank, the Composite Index of Economic Activity (CIEA) grew by 4.4% year-on-year, in May 2025 compared to 3.4% in the same period of 2024.

International trade activities, consumption, construction and tourist arrivals contributed to the improvement in economic activity during the period.

Similarly, the central bank said its latest business and consumer confidence surveys reflected improved sentiments on the back of easing inflationary pressures and strong optimism about economic conditions.

The central bank further said the economy was buoyant in the first quarter of 2025, with an annual Gross Domestic Product (GDP) growth of 5.3%, compared to 4.9% in the same quarter of 2024.

This was driven by increased activity in the agriculture and services sectors.

Excluding oil, the economy grew by 6.8% compared to 4.3% over the same comparative period.

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