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 rose to 50.6 in October 2024, up from 49.1 in the prior month, indicating a mild return to expansion in the country's private sector. Renewed increases in both output and new orders were accompanied by the fastest rise in employment so far this year. Meanwhile, purchasing activity was scaled back amid muted customer demand and elevated prices for inputs. Indeed, the rate of overall input cost inflation quickened to a three-month high, largely due to a depreciation of the cedi against the US dollar and higher raw material prices. Consequently, selling prices were also raised, with the rate of increase steeper than the series average. Lastly, business sentiment dropped to a three-month low, but it remained stronger than the series average.