Data released by the Bank of Ghana shows a mixed performance in the real sector of the Ghanaian economy in the eleven months of 2023. The January 2024 Monetary Policy Report reveals that consumer spending, as indicated by domestic VAT collections and retail sales, showed a strong performance in November 2023 compared to the same period in 2022.
Domestic VAT collections saw a significant increase of 128.9% year-on-year, reaching GH¢1.978 billion from GH¢864.65 million. Total domestic VAT for the first eleven months of 2023 increased by 66.6% to GH¢12.831 billion.
Retail sales also saw a 2.4% year-on-year increase to GH¢193.12 million in November 2023, up from GH¢188.60 million in 2022. Cumulatively, retail sales for the first eleven months of 2023 increased by 30.4%.
In the manufacturing sector, activities improved with a notable increase in the collection of direct taxes. Total Direct Taxes collected surged by 135.3% year-on-year to GH¢5.880 billion in November 2023. Cumulatively, total Direct Taxes collected for the first eleven months of 2023 rose by 60.6%.
However, the construction sector witnessed a decline as indicated by a 13.2% year-on-year decrease in cement sales volume in November 2023. Cement sales for the first eleven months of 2023 also dropped by 25.1%.
Transport sector activities, measured by new vehicle registrations by the DVLA, declined by 14.8% in November 2023. Cumulatively, vehicles registered within the first eleven months of 2023 decreased by 35.7%.
Passenger arrivals showed improvement, with a 25.5% increase in year-on-year terms in November 2023. The international airport and land borders recorded 1,019,841 arrivals in the first eleven months of 2023, a growth of 25.8%.
International trade at the ports and harbours improved, with a 28.8% year-on-year increase in total container traffic in November 2023. However, in cumulative terms, total container traffic for the first eleven months of 2023 dipped by 3.3%.
These figures provide insights into the performance of various sectors in the Ghanaian economy and can inform decision-making and strategic planning moving forward.
