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Ghana’s Private Sector Shrinks Amid Regional Growth Surge – S&P Global PMI Report
Ghana’s private sector activity slowed in September 2025, slipping into contraction territory amid persistent inflationary and structural pressures, according to the latest S&P Global Purchasing Managers’ Index (PMI) data.
The report shows Ghana recording a PMI of 49.8, falling below the neutral threshold of 50.0 that separates expansion from contraction. This marks another challenging month for the country’s private sector, with firms facing rising input costs and sluggish consumer demand despite broader signs of regional resilience.
Across Africa, business activity moved in mixed directions. Four economies—Uganda, Nigeria, Zambia, and Kenya—registered growth, while Ghana, Egypt, Mozambique, and South Africa either stagnated or contracted.
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Uganda led the region with a robust PMI of 54.0, signalling strong expansion despite lingering inflationary pressures. Nigeria, which had topped the continent for two straight months, came in second at 53.4, followed by Zambia (52.2) and Kenya (51.9). South Africa narrowly avoided contraction at 50.2, while Mozambique (49.4) and Egypt (48.8) joined Ghana below the 50-mark.
A PMI reading above 50.0 indicates improving private-sector business conditions, while one below it signals deterioration. The index is compiled from monthly surveys of around 400 private-sector firms across key sectors such as agriculture, manufacturing, services, construction, and retail. It measures performance across five main indicators—new orders, output, employment, suppliers’ delivery times, and stock of purchases.
Despite the contractions seen in Ghana and other markets, S&P Global noted that overall regional performance improved compared to August, buoyed by gains in the leading economies.
“A number of economies in sub-Saharan Africa have seen inflationary pressures wane in recent months amid currency appreciation versus the US dollar,” said Andrew Harker, Director of Economic Indicators & Surveys at S&P Global Market Intelligence.
“In turn, this is allowing central banks to lower interest rates, helping business activity in the region to expand solidly.”
The data aligns with the World Bank’s Africa Pulse Report, which projects 3.8% growth for Africa in 2025, driven by stronger domestic investment and ongoing structural reforms.
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