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Ghana PMI April 2023

Ghana: PMI hits highest reading since December 2021 in April

The S&P Global Purchasing Managers’ index (PMI) rose to 51.3 in April from March’s 50.9. April’s result marked the best performance since December 2021. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in sector operating conditions compared to the previous month.

The April print showed a positive picture, with expansions in new orders and output driving the improvement. Growth in demand was attributed to a more stable currency and moderating price pressures: Input costs increased at the slowest pace in 18 months, while output inflation softened to its weakest pace since June 2021. In addition, recruitment increased for the fifth month running. Finally, business sentiment improved from last month, reaching a three-month high. Similarly to last month, expectations of improving demand and a more stable exchange rate drove the optimism.

Andrew Harker, economics director at S&P Global Market Intelligence, underlined that:

“Ghana’s private sector showed more positive signals at the start of the second quarter, as the economy remained in recovery mode. A sustained softening of inflation has provided scope for firms to secure greater new order volumes and the confidence to commit to raising employment and purchasing activity. Should inflation continue to trend downwards, we will likely see the recovery sustained in the months to come.”

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