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.