Ghana Composite PMI

Last Release

Jul 31, 2024

Actual

50.1

Units In

Points

49.7

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
56.5 Sep 2017	31.7 Apr 2020	50.61 Points	2017-2024	Markit Economics

The Stanbic Bank Ghana Purchasing Managers’ Index is based on data compiled from monthly replies to questionnaires sent to purchasing executives in approximately 400 private sector companies, which have been carefully selected to accurately represent the true structure of the Ghanaian economy, including agriculture, construction, industry, services and wholesale & retail. The panel is stratified by GDP and company workforce size. Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. The Purchasing Managers’ Index (PMI) is a composite index based on five of the individual sub-components with the following weights: New Orders- 0.3, Output- 0.25, Employment- 0.2, Suppliers’ Delivery Times- 0.15, Stock of Items Purchased- 0.1, with the Suppliers’ Delivery Times sub-component inverted so that it moves in a comparable direction.

Latest Updates

The S&P Global Ghana PMI fell to 49.1 in September 2024, from 51.1 in the prior month, indicating a renewed contraction in the private sector at the steepest rate since January. New orders and business activity declined, following growth in the prior month, largely due to inflationary pressures amid a weaker cedi against the dollar. Purchasing activity decreased marginally for the second month in a row, reflecting weak customer demand and high input prices. Stocks of purchases fell for the first time in three months. While purchase costs continued to rise, inflation eased to a five-month low but remained above the series average. Selling prices increased sharply, although the pace of inflation slowed for the third consecutive month. On a positive note, companies continued to increase staffing levels, and business confidence improved for the second month in September, driven by hopes of greater stability in exchange rates and prices.