By: Franklin ASARE-DONKOH
The Bank of Ghana (BoG), latest confidence surveys conducted in April 2026 pointed to a moderation in consumer and business sentiment, although the bank’s Composite Index of Economic Activity (CIEA) recorded a 12.6% year-on-year growth in March 2026, compared to 2.3% during the same period in 2025.
The Consumer Confidence Index, according to data from the central bank, declined to 113.4 in April 2026 from 117.7 in February 2026, while the Business Confidence Index eased to 108.1 from 110.1 over the same period.
According to the Central Bank, the softening in sentiment reflected concerns over the domestic implications of the ongoing Middle East conflict.
The latest real sector indicators released by the Central Bank showed that the expansion was driven mainly by stronger private sector credit growth, higher consumption, increased industrial production, and improved international trade activity.
The May 2026 Summary of Economic and Financial Data published by the Central Bank also showed that Ghana’s Purchasing Managers’ Index (PMI) slowed to 50.3 in April 2026 from 51.4 in March 2026, indicating a moderation in the pace of private sector activity growth.
Meanwhile, the BoG has maintained its Monetary Policy Rate at 14%, citing rising external uncertainties and emerging inflationary pressures despite signs of continued improvement in the domestic economy.
The decision was announced at the conclusion of the Central Bank’s 130th Monetary Policy Committee (MPC) meeting held in Accra on Wednesday, May 20, 2026.
