Ghana’s economic activity surges in Q1 2026 amid easing business and consumer sentiment
Economic activity in Ghana recorded a strong upswing in the first quarter of 2026, with the Bank of Ghana’s Composite Index of Economic Activity (CIEA) growing by 12.6% year on year in March 2026, compared to just 2.3% in the corresponding period in 2025.
Data from the Central Bank’s latest real sector indicators show that the expansion was underpinned by stronger private sector credit growth, increased household consumption, improved industrial production, and a recovery in international trade activity.
However, despite the improved macroeconomic performance, the Bank’s confidence surveys for April 2026 indicated a slight weakening in sentiment. Consumer confidence fell to 113.4 in April from 117.7 in February, while business confidence also eased to 108.1 from 110.1 over the same period.
The Central Bank attributed the decline in sentiment partly to concerns about the potential domestic impact of the ongoing Middle East conflict.
The May Summary of Economic and Financial Data further revealed a moderation in private sector momentum, with the Purchasing Managers’ Index (PMI) slowing to 50.3 in April 2026 from 51.4 in March, suggesting a softer pace of expansion.
Meanwhile, the Bank of Ghana has maintained its Monetary Policy Rate at 14%, citing heightened global uncertainties and emerging inflation risks, even as domestic economic indicators continue to show gradual improvement.
The decision was announced at the end of the Bank’s 130th Monetary Policy Committee (MPC) meeting held in Accra on Wednesday, May 20, 2026.