Consumer Confidence Improves on Stronger Macroeconomic Conditions – BoG
By Praisebell Rosemond Larbi
Business and consumer confidence in Ghana strengthened further in the final quarter of 2025, reflecting improving macroeconomic conditions and growing optimism about the near-term outlook, according to the Bank of Ghana (BoG).
Data contained in the Bank’s latest Monetary Policy release show that the Composite Index of Economic Activity (CIEA) recorded 8.8 per cent growth in November 2025, a sharp acceleration from the 1.5 per cent growth recorded in November 2024.
The strong performance signals a broad-based pickup in economic activity, underpinned by improvements across key sectors of the economy.
According to the BoG, international trade activities, private sector credit growth, industrial production and consumption were the main drivers of the improved CIEA outturn during the period.
The central bank noted that the rebound in trade activity reflects stronger export performance and improving external conditions, while rising credit to the private sector points to easing financial conditions and increased lending appetite by banks.
Industrial production and consumption also recorded notable gains, supported by moderating inflation, improving business confidence and a gradual recovery in household purchasing power.
In tandem with the stronger activity indicators, the Bank reported continued improvements in both consumer and business confidence, based on its latest confidence surveys.
The surveys indicate that sentiment among households and firms remains positive, with respondents expressing optimism about current economic conditions and expectations over the short term.
According to the BoG, the upbeat outlook is largely driven by easing inflationary pressures, relative stability in the foreign exchange market, expectations of lower borrowing costs, and improving prospects for business expansion.
Businesses, in particular, cited the likelihood of achieving short-term industry growth targets and meeting company performance objectives as key factors underpinning their confidence.
Consumers, on the other hand, pointed to a gradual improvement in purchasing power and expectations of further price stability as reasons for their more positive outlook.
The Bank of Ghana said the improved confidence readings are consistent with broader macroeconomic stabilisation efforts, including fiscal consolidation, declining inflation and stronger external balances, which together have helped anchor expectations.
The central bank noted that sustaining these gains will depend on continued policy discipline and the consolidation of recent macroeconomic improvements into durable growth and employment outcomes.
