Sunday, 12 May 2019

Business Confidence index drops


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By Elorm Desewu

The latest survey by the Bank of Ghana in February 2019, indicate that the Business Confidence Index has declined to 93.5 from 97.3  on the back of the depreciation of the cedi, weak company prospects and unrealised targets for the period.

According to the survey, businesses, however, were upbeat about industry prospects as well as the declining lending rates.   

Instructively, the Consumer Confidence Index in February 2019 rose to 98.6 from 98.3 recorded for December 2018, driven mainly by continued optimism about the domestic economy, improved household financial situation and enhanced current economic situation. 

The January 2019 update of the Bank of Ghana Composite Index of Economic Activity (CIEA) showed a moderate improvement in the pace of economic activity, mainly on the back of domestic VAT, tourist arrivals, port activity, imports, industrial consumption of electricity, SSNIT contributions from private sector workers, cement sales and private sector credit.

The CIEA went up by 3.2 percent in January 2019 from 2.4 percent in December 2018. In the same period of 2018, the CIEA registered a 3.6 percent growth.

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