Economic activity continued to recover beyond the first half of the year, the Bank of Ghana has said at its Monetary Policy Committee meeting.

Governor Addison noted that after recording an average real GDP growth of 3.2 per cent in the first half of the year, indications are that "growth is still firming up". 

In the third quarter, the bank said its high frequency real sector indicators pointed to continued pick-up in economic activity, although at a moderate pace. 

The updated Composite Index of Economic Activity (CIEA) contracted at a lower rate of 0.4 per cent in September 2023, compared with a sharper contraction of 1.2 per cent in the same period of last year, Dr Addison reported.

He said the main indicators that contributed to the relative improvement in the CIEA were industrial consumption of electricity, private sector contributions to Social Security, and tourist arrivals. 

The momentum in credit to the private sector, cement sales, and port activity, however, slowed down over the period.