Economic activity strengthened significantly in the first quarter of 2026, with the Bank of Ghana Composite Index of Economic Activity (CIEA) recording a 12.6% year-on-year growth in March 2026, compared to 2.3% in the same period last year.
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.
However, the Bank’s latest confidence surveys conducted in April 2026 pointed to a moderation in consumer and business sentiment despite remaining relatively elevated.
The Consumer Confidence Index 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.
Again the May 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 Bank of Ghana 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.
