Ghana PMI May 2022


Ghana: PMI deteriorates in May

June 3, 2022

The S&P Global Purchasing Managers’ Index (PMI) came in at 47.4 in May, down from April's 48.3. As a result, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in business conditions compared to the previous month. The decrease from April to May was chiefly caused by an accelerated decline in output and new orders. Shortages of key inputs and price hikes—notably due to pricier fuel and unfavorable exchange rate movements—drove the contraction and discouraged customers from placing orders, with agriculture, retail and construction the main sectors affected. In response, companies continued to reduce their purchases. That said, companies remained confident that inflation would subside and continued to recruit amid hopes that demand would recover over the next year.

Shreeya Patel, economist at S&P Global Market Intelligence, said:

“Growth in Ghana's private sector was once again impeded by severe cost pressures […]. For now, companies will hope that costs, particularly for fuel, subside though this is unlikely given the intensification of geopolitical and supply issues."

Meanwhile, our panelists project GDP to expand 4.6% in 2022, which is down 0.2 percentage points from last month’s forecast, and 4.8% in 2023.


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Ghana PMI Chart

Ghana PMI May 2022 1

Note: Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global.

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