{"id":19474,"date":"2024-07-05T14:25:37","date_gmt":"2024-07-05T14:25:37","guid":{"rendered":"https:\/\/sotnews.agency\/?p=19474"},"modified":"2024-07-05T18:07:47","modified_gmt":"2024-07-05T18:07:47","slug":"ghana-drops-from-51-6-to-49-7-on-global-purchasing-managers-index","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=19474","title":{"rendered":"Ghana drops from 51.6 to 49.7 on global Purchasing Manager\u2019s Index"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 48 Second <\/div>\n\n <\/div>

Worsening business conditions have caused Ghana to drop in the latest world\u2019s Purchasing Managers\u2019 Index (PMI).<\/p>\n

PMI are economic indicators derived from monthly surveys of private sector companies.<\/p>\n

The PMI features a headline number, indicating the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilisation, employment, and inventories.<\/p>\n

Ghana fell to 49.7 from 51.6 in the first six months of the year. This is according to the latest ranking by rating agency Standards and Poor\u2019s Global.<\/p>\n

According to the report, high inflation was a major concern for businesses in June 2024 and was largely responsible for the downturn at the end of the second quarter.<\/p>\n

Additionally, the rate of increase in purchase prices reached a 19-month high, rising for the fifth consecutive month.<\/p>\n

The decline is attributed mainly to the Cedi\u2019s depreciation against the US dollar.<\/p>\n

Employee costs also rose in June 2024 as companies supported their workers amidst higher living expenses.<\/p>\n

To counter rising costs, companies significantly raised their own prices. This led to the fastest increase in output prices since November 2022, with 34% of respondents raising their prices.<\/p>\n

Inflationary pressures reduced demand in June 2024, with new orders remaining flat after four months of growth. However, some firms noted that customers accepted price hikes and continued placing orders.<\/p>\n

S&P Global mentioned that rising prices affected business activity, which slightly decreased for the first time in four months. Inflation also influenced firms\u2019 own purchasing decisions.<\/p>\n

On the other hand, business confidence improved in June 2024 due to hopes for better economic conditions in the year ahead.<\/p>\n

However, confidence in future output depended on stable exchange rates and prices.<\/p>\n

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The post Ghana drops from 51.6 to 49.7 on global Purchasing Manager\u2019s Index<\/a> appeared first on Citinewsroom – Comprehensive News in Ghana<\/a>.<\/p>

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Worsening business conditions have caused Ghana to drop in the latest world\u2019s Purchasing Managers\u2019 Index (PMI). PMI are economic indicators derived from monthly surveys of private sector companies. The PMI… <\/p>\n","protected":false},"author":1,"featured_media":19612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-19474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/19474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19474"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/19474\/revisions"}],"predecessor-version":[{"id":19613,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/19474\/revisions\/19613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/19612"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}