A boat on the beach in Ghana

Ghana PMI December 2018

Ghana: PMI jumps in December

The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose from 50.5 points in November to a six-month high of 52.3 points in December. As a result, the index moved further above the critical 50-point threshold that separates improvement from deterioration in Ghanaian business conditions.

December’s reading reflected an acceleration in new orders growth, which rose at the fastest pace since June amid improving demand dynamics in the Ghanaian private sector. Strengthening demand outpaced output growth in December, reflected in rising backlogs of work which increased at the joint-fastest pace in the survey history. On a less positive note, the rate of job

creation remained close to November’s two-year low in the surveyed month, reportedly due to lack of available funds for additional hiring.

Meanwhile, inflationary pressures retreated slightly at the end of 2018, although remained elevated due to higher fuel costs, sustained currency weakness and import duties. Lower input price inflation was reflected in moderate output price inflation as companies offered discounts to attract customers. Lastly, business sentiment was strong and remained broadly stable in the surveyed month.

Commenting on the report, Andrew Harker, an associate director at IHS Markit, noted:

“There were further signs of encouragement for the Ghanaian economy in December as the recovery in demand gathered pace. The economy therefore carries some momentum through to the start of 2019.”

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