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Ghana PMI August 2023

Ghana: PMI hits highest reading since September 2021 in August

The S&P Global Purchasing Managers’ Index (PMI) came in at 51.9 in August, up from July’s 50.5. August’s result marked the best reading since September 2021. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private-sector operating conditions compared to the previous month.

August’s improvement was driven by a sharper increase in output and new orders amid increasing demand and the softening of price pressures. Additionally, employment rose considerably, driven by the uptick in new orders. Input costs and output prices increased slightly in August, although both remained much lower than in recent months. Finally, businesses remained optimistic in August, encouraged by exchange rate stability and cooling inflation.

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