The Bank of Ghana (BoG) has reported a remarkable growth of 9.6 percent in its Composite Index of Economic Activity (CIEA) for January 2024, marking a notable improvement compared to the negative 6.2 percent recorded in the same period of the previous year.
This annual growth rate, the highest since the start of 2023, signifies a robust rebound and sustained momentum in the overall economic activity.
The CIEA serves as a crucial indicator to track changes in the level of economic performance.
Several factors drove this impressive growth, including increased construction activities, a rise in imports, industrial consumption of electricity, higher domestic VAT collection, an upswing in passenger arrivals at the airport, and vibrant port activity.
Furthermore, the rise in the Business and Consumer Confidence Index, as measured by the BoG, contributes to this positive trend.
The increased indices signify a strengthening of both business and consumer sentiments in light of the boosted economic activity.
This encouraging growth in the CIEA showcases Ghana’s potential to recover from the economic challenges faced in previous years. The Bank of Ghana remains committed to implementing effective policies and measures to further stimulate economic growth and stability in the coming months.
By Vincent Kubi