The Stanbic Bank Ghana PMI increased to 52.7 in December 2019 from 52.4 in the previous month, pointing to the fastest expansion in the country's private sector since June 2018, boosted by solid rises in both output and new orders. As a result, backlogs of work increased, and at the second-fastest pace in the six-year survey history. At the same time, employment rose for the fortieth consecutive month, and at a solid pace. Purchasing activity also went up, but stocks of inputs ticked down as items were used to support output. Meanwhile, suppliers' delivery times shortened for the first time in four months. On the price front, rates of purchase price and staff cost inflation accelerated, but the pace at which firms raised their selling prices remained modest. Looking ahead, sentiment was the strongest since the opening month of the year. Composite Pmi in Ghana averaged 52.57 points from 2017 until 2019, reaching an all time high of 56.50 points in September of 2017 and a record low of 49.20 points in September of 2018. source: Markit Economics

Composite Pmi in Ghana is expected to be 51.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Composite Pmi in Ghana to stand at 52.00 in 12 months time. In the long-term, the Ghana Composite Pmi is projected to trend around 53.00 points in 2020, according to our econometric models.

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Ghana Composite Pmi

Actual Previous Highest Lowest Dates Unit Frequency
52.70 52.40 56.50 49.20 2017 - 2019 points Monthly
SA


News Stream
2019-12-04
Ghana Private Sector Growth at 18-Month High
The Stanbic Bank Ghana PMI rose to 52.4 in November 2019 from 50.1 in the prior month, pointing to the fastest expansion in the country's private sector since June last year. New orders rebounded, after falling for the first time in over a year in October, which boosted business activity and employment. Also, purchasing activity and inventories rose, amid expectations of greater demand int the coming months. On the price front, input prices went up markedly, mainly attributed to currency weakness and higher maize prices. Meantime, the rate of output charge inflation quickened fractionally to the strongest since May. Looking ahead, companies remaining optimistic that output will increase over the coming year, as goods quality products are expected to boost new orders, alongside improvements in economic conditions and business expansion plans.

2019-11-05
Ghana Private Sector Growth at Over 1-Year Low
The Stanbic Bank Ghana PMI fell to 50.1 in October 2019 from 51.4 in the previous month, pointing to the slowest expansion in the country's private sector since September last year. Output rose at a softer pace and new orders decreased for the first time in 13 months, linked to heavy rains which impacted operations and financing issues at costumers. Also, purchasing activity went down for the first time in 45 months and inventories fell slightly. On the other hand, backlogs of work increased solidly, driving companies to hire more workers. On the price front, purchase price inflation accelerated to a five month high, mainly due to higher transport fares and fuel costs. As a result, output charge inflation quickened for the fourth month running to the fastest since May. Looking ahead, sentiment remained positive despite easing to a four-month low.

2019-10-03
Ghana Private Sector Growth at 6-Month High
The Stanbic Bank Ghana PMI rose to 51.4 in September 2019 from 50.7 in the previous month, pointing to a modest improvement in the country's private sector, though the fastest since March. Output and new orders rose faster while the rates of growth in employment and purchasing activity were modest. On the price front, overall input cost inflation accelerated, amid reports of higher fuels cost and also currency weakness. As a result, output charge inflation ticked up to a 4-month high, but was relatively weak. Looking ahead, companies remained confident regarding the 12-month outlook for activity, despite sentiment decreased from the previous month.

2019-09-04
Ghana Composite PMI Edges Down in August
The Stanbic Bank Ghana PMI dropped to 50.7 in August 2019 from 51.2 in the previous month, signalling improvement in the country's private sector for the eleventh straight month but slightly weaker than in July. Softer increases in output and new orders were recorded, but employment and purchasing activity continued to rise solidly. On the price front, inflationary pressures remained muted, with below-average increases in both overall input prices and output charges. Lastly, hopes of an improvement in business conditions supported optimism of a rise in output over the coming year, though sentiment dipped from July and was the second-weakest in 33 months.

2019-08-06
Ghana Private Sector Growth at 3-Month High
The Stanbic Bank Ghana PMI rose to 51.2 in July from 50.5 in the previous month, signalling expansion in the country's private sector for the tenth straight month and at the fastest pace since April. Sharper rises were seen for new orders, output and employment. As a result, backlogs of work went up, with delays in the delivery of finished products to clients also mentioned. Meanwhile, outstanding business rose slightly, and at a broadly similar pace to that seen in June. Purchasing activity also increased, with the rate of growth accelerating for the third successive month, which supported a rise in stocks of purchases, following a slight fall in June. Regarding prices, inflationary pressures remained muted ,despite picking up slightly from the previous month. Looking ahead, business sentiment improved, amid hopes of currency stability and improving economic conditions.

2019-07-03
Ghana Output Grows the Least in 7 Months: Markit
The Stanbic Bank Ghana PMI edged down to 50.5 in June 2019 from 50.6 in the prior month. The reading pointed to the third straight month of slowdown in the country's private sector and at the fastest pace since last November, as new orders rose the least in eight months. Meantime, output growth remained marginal, though slightly stronger than in May; and the rate of job creation was modest. On the price front, the rate of overall input cost inflation slowed to the weakest in the five-and-a-half year survey so far and output prices also eased. Looking ahead, companies remained optimistic but business confidence dropped to the lowest in 31 months.


Ghana Composite Pmi
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.

Ghana Business Last Previous Highest Lowest Unit
Internet Speed 3367.55 3359.64 3367.55 252.06 KBps [+]
IP Addresses 124915.00 191869.00 362730.00 14376.00 IP [+]
Leading Economic Index 4.40 3.60 13.40 -5.10 percent [+]
Competitiveness Index 51.20 51.33 51.33 3.44 Points [+]
Competitiveness Rank 111.00 106.00 119.00 102.00 [+]
Composite Pmi 52.70 52.40 56.50 49.20 points [+]
Ease of Doing Business 118.00 114.00 120.00 60.00 [+]
Corruption Index 41.00 40.00 48.00 33.00 Points [+]
Corruption Rank 78.00 81.00 81.00 50.00 [+]