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Ghana PMI May 2024

Ghana: PMI rises in May

The S&P Global Ghana Purchasing Managers’ Index (PMI) rose to 51.6 in May from 51.3 in April. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in private-sector operating conditions compared to the previous month.

May’s upturn was due to companies expanding their input purchasing activity at the fastest pace this year, with efforts to get ahead of future price increases. Meanwhile, demand improved further, which enabled firms to increase production and secure greater new business. That said, new orders and output both increased at slightly slower paces than in April.

Inflationary pressures intensified in May, as currency depreciation led input cost inflation to accelerate markedly to the sharpest since November 2022. In response, companies raised their charges at the fastest pace in just under a year and a half. Meanwhile, business sentiment dropped to a year-and-a-half low, reflecting concerns that steep increases in prices might limit demand in the months ahead, despite overall optimism that output will increase over the coming year amid hopes for more stable prices and an improvement in economic conditions.

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