The signals from Ghana’s economy continue to move in different directions, with real activity strengthening, even as confidence levels ease slightly from recent highs.
Data from the Bank of Ghana shows that economic activity has maintained a firm upward trajectory, supported by improving real sector performance and sustained momentum across key indicators.
At the centre of this expansion is the Composite Index of Economic Activity (CIEA), which continues to point to strong underlying growth in the real economy. Nominal activity levels have remained elevated, while real CIEA growth has accelerated sharply in recent months, rising from 11.8% in January 2026 to 12.6% in March 2026.
Earlier readings also show sustained double-digit momentum through late 2025, including 8.8% in November and 12.4% in December, reflecting a consistent build-up in economic transactions, trade activity, and overall business turnover.
On an annual basis, the CIEA index itself continues to reflect strong expansion, with year-on-year growth remaining in the double-digit range, 11.8% in January, 14.1% in February, and 15.8% in March 2026, underscoring the strength of activity in the real sector.
But while output indicators are strengthening, confidence metrics are beginning to ease slightly.
Consumer confidence according to BoG’s survey declined to 113.4 in April 2026, down from 117.7 in February, while business confidence also slipped from 110.1 to 108.1 over the same period. Despite the decline, both indicators remain above the neutral 100-point threshold, suggesting sentiment is still broadly positive.
The movement points to a gradual moderation in expectations among households and firms, rather than a reversal in outlook.
Sectoral dynamics within the broader economy reinforce this divergence. Services continue to lead growth, agriculture remains relatively stable, and industry lags behind the rest of the economy, reflecting uneven momentum across production segments.
The data suggests an economy where real activity is strengthening at a faster pace, while confidence indicators are adjusting more cautiously to prevailing conditions.
