Ghana PMI September 2022


Ghana: PMI falls to 29-month low in September

October 5, 2022

The IHS Markit Purchasing Managers’ Index (PMI) came in at 45.6 in September, down from August's 45.9. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in sector operating conditions compared to the previous month. September's result marked the worst performance since April 2020 and represented the eighth successive monthly deterioration in business conditions.

September’s softer print was due to output decreasing at the third quickest rate since the series began in 2014, while new orders also contracted. They were both negatively affected by rising prices, which, despite growth easing slightly compared to August, severely affected client demand. Input prices were mainly driven up by unfavorable FX movements, with this sharp rise in costs leading to the second-fastest increase in output prices in the series. Meanwhile, amid higher costs and lower demand, companies reduced their staff for the third month in a row. On a more positive note, firms remained confident that output would return to growth over the next year.

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

“Recent months have proven to be challenging, and currency weakness has struck a heavy blow to Ghana's economy. […] That said, Ghanaian companies focused on the positives and were generally upbeat about their expectations for output growth. There were hopes that the recent price pressures would stabilize and demand would eventually improve.”

FocusEconomics panelists see fixed investment expanding 9.1% in 2023, which is up 1.7 percentage points from last month’s forecast, and 7.8% in 2024.

Author:, Junior Economist

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Ghana PMI Chart

Ghana PMI September 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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