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Ghana PMI June 2022

Ghana: PMI rises in June

The S&P Purchasing Managers’ Index (PMI) rose to 48.5 in June from May’s 47.4. As such, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in business conditions compared to the previous month. However, this represented the fifth consecutive monthly deterioration in business conditions.

Overall, the slower decrease from May to June was driven by a more moderate decline in output and new orders, although cash shortages and high prices continued to affect demand. Indeed, firms continued to record sharp rises in input costs, namely for fuel, raw materials and staff, leading to increased selling prices. That said, the rate of price increases slowed. On the positive side, firms continued to recruit for the tenth month running amid hopes that demand would recover over the next year.

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

“Ghana’s private sector continued to face the implications of steep price pressures in June […]. Firms will not be able

to recover if elevated costs persist. Fortunately, there were tentative signs that rates of inflation were starting to ease in June.”

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