A boat on the beach in Ghana

Ghana PMI May 2022

Ghana: PMI deteriorates in May

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.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest