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Business, Consumer confidence dips, but economic activity pick up – BoG

Source The Ghana Report

The Bank of Ghana has revealed that its latest confidence surveys conducted in April 2024 point to a softening of sentiments.

According to the Central Bank, both Business and Consumer confidence dipped.

On the part of consumers, these sentiments were on account of uncertainties about future economic conditions.

Businesses expressed concern that the recent exchange rate volatility and unstable intermittent power supply situation could significantly raise their operational costs moving forward.

In the domestic economy, it said the high-frequency real sector indicators point to a sustained pickup in economic activity through the first quarter of 2024.

The updated real Composite Index of Economic Activity recorded an annual growth of 2.1% in March 2024, compared to a contraction of 6.4% in the corresponding period of 2023.

The Bank of Ghana said the pick-up in the index was driven mainly by increased imports, private sector contributions to SSNIT, and tourist arrivals.

Again, Ghana’s Purchasing Managers’ Index (PMI) signaled an improvement in business activity. The index rose to 51.3 in April 2024 from 50.9 in March 2024 due to improved consumer demand.

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