Economic activity strengthens in quarter one 2026, but business, consumer sentiments soften - BoG

Dr. Johnson Asiama

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The Bank of Ghana has stated that economic activity strengthened in the first quarter of 2026.

According to its Composite Index of Economic Activity (CIEA), which tracks the Bank’s high-frequency indicators of real sector activity, it expanded by 12.6% year-on-year in March 2026, up from 2.3% in March 2025.

The main drivers of the growth in the Index were credit to the private sector, consumption, industrial production, and international trade activities.

Similarly, the latest surveys conducted in April 2026, however, indicated that both consumer and business confidence, though high, have softened.

This is compared with the February survey results.

According to the Central Bank, it was largely due to concerns about the domestic implications of the ongoing Middle East conflict.

Similarly, Ghana’s Purchasing Managers’ Index declined to 50.3 in April 2026 from 51.4 in March 2026.

This mainly reflected higher input costs.

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