Ghana: PMI eases in January
The IHS Markit Purchasing Managers’ Index (PMI) came in at 50.8 in January, down from December’s 51.8. Consequently, the index remained above the 50-threshold, but suggested a more moderate improvement in business conditions relative to the previous month.
The downtick was largely driven by a decrease in output, which contracted for the first time in four months, amid higher prices and the emergence of the Omicron variant affecting the agriculture and wholesale and retail sectors. That said, other components were largely positive: Firms increased their workforce, managing to reduce backlogs despite higher new orders. In addition, firms increased their stocks of purchases. Looking at prices, input costs rose at a faster pace, which led producers to continue passing costs on to customers, with output prices now having risen for 21 consecutive months.