Ghana Composite Pmi2017-2020 Data | 2021-2022 Forecast | Calendar | Historical

The Stanbic Bank Ghana PMI rose to 49.7 in June of 2020 from 46.7 in May. New orders grew for the first time in four months, with a loosening of Covid-19 restrictions cited as the main reason behind the expansion. Thus, the rate of decline in output was only slight, and the slowest in the current four-month sequence of contraction. However, employment fell for the 4th month running, and at a solid pace, due the severity of the declines in workloads during the worst of the downturn. The supply-chain disruption remained evident and it was more marked than in May, due to the scarcity of some raw materials. In terms of prices, purchase prices rose for the first time in four months, as border closures restricted the ability to import items. Output charges were up for the 2nd month running, but only marginally as some firms offered discounts to customers to try and secure sales. Finally, sentiment improved only slightly, supported by hopes of a continued gradual return to normality.

The Stanbic Bank Ghana PMI increased to 46.7 in May of 2020 from a record low of 31.7 in the previous month. Output and new orders fell at a slower pace, amid the loosening coronavirus pandemic lockdown measures. However, employment continued to decrease sharply, amid reports of spare capacity and the implementation of social distancing rules. Finally, business confidence turned positive and was the highest since November 2018 on hopes that economic conditions will return to normal once the Covid-19 pandemic subsides.

The Stanbic Bank Ghana PMI slumped to a new record low of 31.7 in April of 2020 from 41.4 in the previous month. Output and new orders hit new lows, severely impacted by the imposed shutdowns as the Covid-19 pandemic intensified. Employment fell substantially for the second month running, broadly in line with that seen in March, amid lower workloads and efforts to comply with social distancing rules in the workplace. Also, purchasing activity and inventories were reduced at unprecedented rates. On the price front, both input costs and output prices continued to decrease sharply, amid falling demand. Meanwhile, business confidence picked up in April, after having slumped in March, on hopes that activity may return to growth following the end of the lockdown.

The Stanbic Bank Ghana PMI sank to an all-time low of 41.4 in March of 2020 from 52.6 in the previous month, signalling the worst downturn ever recorded in the country's private sector. New orders, output and employment all decreased at a record pace, linked to temporary company shutdowns and a lack of customers resulting from the epidemic situation. In addition, firms cut sharply their purchasing activity, with some firms indicating issues with the supply of materials from other countries such as China. In terms of prices, overall input costs fell for the first time in the survey's history, due to lower costs of fuel and staff. Accordingly, selling prices also were reduced at a record pace. Finally, business sentiment was strongly impacted by COVID-19 and hit a new record low, mainly associated with company shutdowns and other measures to attempt to contain the virus leading to pessimism at a number of firms.