Ghana’s private sector saw a faster rise in activity and new orders in April 2024 according to the S&P Global Purchasing Manager’s Index (PMI). The PMI is a weighted average of five indices – New Orders, Output, Employment, Supplier’s Delivery Times, and Stocks of Purchase tracked by S&P Global across several countries.

Ghana’s April PMI of 51.3 is its third consecutive month of reading above 50. Any reading avove 50 signals an improvement over the previous month.

Despite reporting strong customer demand and a modest staffing increase, the S&P saw signs of budding inflationary pressures as purchase costs and selling prices rose the sharpest since end-year 2022. This is not a surprise as the Ghana cedi has depreciated by about 15% from the start of the year against the US dollar.