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Ghana PMI February 2024

Ghana: PMI signals private sector recovery in February

The S&P Global Ghana Purchasing Managers’ Index (PMI) improved to 50.2 in February from 48.4 in the prior month. As a result, the index moved above the 50.0 no-change threshold and signaled a slight improvement in private-sector operating conditions compared to the previous month.

February’s upturn was due to a resurgence in new orders attributed to the introduction of new products. This contributed to renewed rises in employment and purchasing activity. Meanwhile, output declined at a softer pace, though power supply issues, higher prices and subdued demand continued to weigh on supply.

On the price front, February witnessed a slight uptick in overall input price inflation, driven by faster increases in both purchase prices and staff costs—due to higher workforce numbers and adjustments for the higher cost of living. Similarly, output price inflation accelerated. Lastly, business sentiment improved, buoyed by optimism that economic conditions and new orders would strengthen in the year ahead.

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