The Bank of Ghana’s high frequency indicators have disclosed that economic activity moderated in the fourth quarter of 2022.
The updated Composite Index of Economic Activity (CIEA) contracted by 6.2% in November 2022, compared with a growth of 10.2% in the same period of 2021.
According to the Central Bank, the major items that weighed down the Index during the period were port activity, cement sales, imports, and industrial consumption of electricity.
However, latest confidence surveys conducted by the Central Bank in December 2022 pointed to some marginal improvement in sentiments.
Consumer confidence improved on the back of the recent reductions in ex-pump petroleum prices and transportation fares.
Business sentiments also turned positive due to achievement of short-term targets and optimism about company and industry prospects, following the rebound of the local currency during the month.
The survey findings, it said, were broadly aligned with observed trends in Ghana’s Purchasing Managers Index, which improved to 47.0% in December 2022 from 44.9% in the previous month.
