{"id":260320,"date":"2024-12-04T13:28:47","date_gmt":"2024-12-04T13:28:47","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/04\/business-confidence-improves-but-consumer-confidence-remains-unchanged-bog\/"},"modified":"2024-12-04T13:28:47","modified_gmt":"2024-12-04T13:28:47","slug":"business-confidence-improves-but-consumer-confidence-remains-unchanged-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/04\/business-confidence-improves-but-consumer-confidence-remains-unchanged-bog\/","title":{"rendered":"Business confidence improves, but consumer confidence remains unchanged \u2013 BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/839\/83905659.295.jpg\" alt=\"BoG Governor, Dr. Ernest Addison\" title=\"BoG Governor, Dr. Ernest Addison\" width=\"295\" height=\"182\" \/> <span class=\"image_caption\"><span>BoG Governor, Dr. Ernest Addison<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">The Bank of Ghana\u2019s (BoG) latest confidence surveys conduct\u00aded in October 2024 revealed a sustained recovery in business sentiments.<\/p>\n<p>While consumer confidence was broadly unchanged, business confidence improved as firms met their short-term targets and expressed optimism about company and industry prospects.<\/p>\n<p>A statement issued by the BoG after the 121 regular meeting of the Monetary Policy Commit\u00adtee (MPC) on Friday in which the Committee maintained the policy rate (the rate at which the<\/p>\n<p>BoG lends to commercial banks) at 27 per cent, said the survey\u2019s findings were broadly consistent with trends observed in Ghana\u2019s Purchasing Managers\u2019 Index (PMI), which also signalled an im\u00adprovement in business conditions.<\/p>\n<p>The PMI increased to 50.6 in October 2024, up from 49.1 in September.<\/p>\n<p>Meanwhile, in the domestic economy, high-frequency indica\u00adtors point to continued improve\u00adment in economic activity.<\/p>\n<p>In the third quarter, the Central Bank\u2019s high-frequency real sector indicators pointed to a sustained pick-up in economic activity.<\/p>\n<p>The updated real Compos\u00adite Index of Economic Activity (CIEA) recorded an annual growth of 2.2 per cent in Sep\u00adtember 2024, compared to a contraction of 0.4 per cent in the corresponding period of 2023.<\/p>\n<p>\u201cMajor drivers of the im\u00adprovement in economic activity include increased in port activity, households and firms consump\u00adtion of goods and services, con\u00adstruction activities, credit to the private sector, and higher tourist arrivals,\u201d the statement said.<\/p>\n<p>The BoG said the domes\u00adtic macroeconomic conditions remained stable, and the Interna\u00adtional Monetary Fund (IMF)-Ex\u00adtended Credit Facility programme implementation remained on track.<\/p>\n<p>\u201cData observed through Octo\u00adber 2024 indicated broad stability in the macroeconomic indicators. Growth outturn so far has been strong, and leading indicators of economic activity are projecting stronger growth in the second half of the year; business and consumer confidence is slowly turning around, core inflation remains broadly stable, the fi\u00adnancial sector inflation expecta\u00adtions remain broadly anchored, reserve build-up has been suffi\u00adcient to provide confidence, and the currency is recording some appreciation, the BoG explained.<\/p>\n<p>Moreover, it stated that the third review assessment of the IMF on the economy and on programme implementation also reflected a positive assess\u00adment and led to a Staff level Agreement. Indications are that the IMF Board will meet in December to assess programme implementation thus far and as\u00adsess forward-looking prospects of the economy.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BoG Governor, Dr. Ernest Addison The Bank of Ghana\u2019s (BoG) latest confidence surveys conduct\u00aded in October 2024 revealed a sustained recovery in business sentiments. While consumer confidence was broadly unchanged, business confidence improved as firms met their short-term targets and expressed optimism about company and industry prospects. A statement issued by the BoG after the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":230526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-260320","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business confidence improves, but consumer confidence remains unchanged \u2013 BoG - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/04\/business-confidence-improves-but-consumer-confidence-remains-unchanged-bog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business confidence improves, but consumer confidence remains unchanged \u2013 BoG - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"BoG Governor, Dr. Ernest Addison The Bank of Ghana\u2019s (BoG) latest confidence surveys conduct\u00aded in October 2024 revealed a sustained recovery in business sentiments. While consumer confidence was broadly unchanged, business confidence improved as firms met their short-term targets and expressed optimism about company and industry prospects. 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