Ghana: PMI edges down in August
The Ghana Purchasing Managers’ Index (PMI) fell to 50.7 points in August, from 51.2 points in July. As a result, the index remained just above the critical 50-point threshold that separates improvement from deterioration in Ghanaian business conditions, where it has been for 11 consecutive months.
August’s weakening was chiefly driven by laxer new orders and output growth against the backdrop of softer demand conditions. That said, firms sustained a solid rate of job creation. Meanwhile, backlogs of work continued to accumulate despite rising capacity. On the price front, input price inflation slowed to an over two-year low, while output prices remained broadly unchanged in August. Lastly, business optimism dipped to the second weakest level in 33 months in July.