Ghana’s economy makes ‘insignificant’ pickup in 2013 second quarter – BoG

The Ghanaian economy recorded a marginal increase in activities during the second quarter of 2013, the central bank’s index shows.

According to the Bank of Ghana, its Composite Index of Economic Activity (CIEA), on year-on-year basis, showed a growth of 3.4% during the second quarter compared to a 0.6% contraction in March 2013.

The central bank noted that components of the CIEA that recorded positive yearly growth rates include sales of key manufacturing entities, and deposit money banks (DMBs) credit to the private sector.

Accordingly surveys conducted by the BoG in July 2013 indicated mixed sentiments by businesses and consumers.

“Consumer sentiments improved as indicated in their outlook for the economy as well as willingness to purchase household durables,” said the BoG.

The central bank also indicated that the Consumer Confidence Index increased from 96.1 in April to 101.1 in June 2013.

Business sentiments however, softened with the index declining from 99.0 in March to 92.4 in June 2013, it observed.

By Ekow Quandzie