Economic Review
In the first half of 2024, the global economy faced a complex landscape characterized by both resilient growth and significant challenges. Purchasing Managers' Indexes (PMIs), a key indicator of economic health, remained largely above 50 through the period, with the JP Morgan Global PMI Composite Output Index rising to 52.4 in April, up from 52.3 in March. However, in June 2024, global economic activity appears to have declined, with June PMI printing 49.70.
According to the World Bank, Sub-Saharan Africa also experienced broad-based economic challenges, with about half of the countries showing high internal and external imbalances. Central bank policy rates across the continent reflected local strategies to curb inflation, ensure economic growth, and control exchange rates. Locally, Ghana's GDP expanded by 6.9% year-on-year (y/y) as of June 2024, marking its most robust expansion in five years. The three key sectors of the economy - services, industry, and agriculture - saw increased output. Nonetheless, in June 2024, the S&P Global Ghana PMI fell to 49.7 from 51.6 in May, indicating a monthly decline in business conditions and ending a four-month streak of improvement. Business activity decreased marginally, and new orders remained unchanged due to rapid price increases that dampened demand.
