Ghana PMI February 2019


Ghana: PMI ticks down in February

March 5, 2019

The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked down from 51.6 points in January to 51.3 February. Nevertheless, the index remained above the critical 50-point threshold that separates improvement from deterioration in Ghanaian business conditions.

February’s reading revealed broadly sustained growth in output and new orders, against the backdrop of improving consumer demand. That said, the rates of expansion were rather modest. Backlogs of work continued to increase, thanks to new business growth, while employment also rose marginally in the surveyed month. Meanwhile, despite input-price inflation remaining largely stable, firms increased their output prices at the highest rate in three months in February. Lastly, business confidence remained upbeat in February amid favorable short-term prospects, even though it dipped from the previous month.

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

“The Ghanaian economy appears to be ticking along nicely in the opening part of 2019, with data for the first quarter so far pointing to quarterly GDP growth of over 1%. The recent interest rate cut by the Bank of Ghana should help to keep demand improving.”

FocusEconomics Consensus Forecast panelists expect fixed investment to expand 4.5% in 2019, which is down 1.8 percentage points from last month’s forecast. In 2020, fixed investment is seen rising 4.4%.

Author:, Research Team Manager

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Ghana PMI Chart

Ghana PMI February 2019

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: Stanbic Bank Ghana and IHS Markit

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