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), posted a positive outturn in March 2025.

According to the Monetary Policy Report, direct tax collections increased by 42.5% (year-on-year) to GH¢8.72 billion in March 2025. This is relative to GH¢6.12 billion recorded in the same period of 2024.

Cumulatively, total direct taxes collected for the first quarter of 2025 went up by 49.4% to GH¢18.96 billion, from GH¢12.69 billion for the same period in 2024.

In terms of contributions of the various sub-tax categories, corporate tax accounted for 58.9%, Income tax (PAYE and self-employed) accounted for 24.7%, while “Other Tax Sources” contributed 16.4%.

Meanwhile, a total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 23.2% on a year-on-year basis to GH¢487.16 million in March 2025, from GH¢395.34 million collected during the corresponding period in 2024.

Cumulatively, for the first quarter of 2025, the contribution grew by 28.0% to GH¢1.43 billion, relative to GH¢1.12 billion recorded in the same period of 2024.

Construction Sector Activities

On the other hand, activity in the construction sub-sector, proxied by the volume of cement sales, improved by 8.6% (year-on-year) in March 2025 to 253,754.47 tonnes, up from 233,741.82 tonnes recorded a year ago.

On a month-on-month basis, it increased by 10.8% when compared with 229,018.45 tonnes recorded in February 2024.