Ghana Business Conditions Continue to Improve
The index ticked up to 50.5 in July, signaling a marginal improvement in business conditions in the country's private sector, the report said.
"Ghana's private sector began the second half of the year in the same way that it ended the first, seeing inflationary pressures moderate and demand conditions improving accordingly," said Andrew Harker, economics director at S&P Global Market Intelligence.
"With output continuing to rise, the data bode well for ongoing improvements in gross domestic product (GDP) on a quarterly basis moving into the third quarter," he added.
The rating agency added that the improving demand climate and greater confidence in the economy contributed to a further expansion in business activity.
Ghanaian Finance Minister Ken Ofori-Atta said Monday the country would work hard to sustain fiscal discipline by continuing with measures introduced under the 2023 budget and the International Monetary Fund (IMF)-supported program to achieve economic recovery.
The IMF approved Ghana's 3-billion-U.S.-dollar loan request in May and immediately disbursed 600 million dollars to rescue the West African cocoa, gold and crude oil exporter from severe debt overhang, soaring inflation, continuous currency depreciation, and rising costs of living.
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