Ghana recorded stable business conditions in July - Report

Ghana recorded stable business conditions in July - Report

- A survey by IHS Markit Ghana PMI shows that business conditions in Ghana were stable in July 2020

- The report revealed that there was an increase in the cost of purchases in the same month

- The outbreak of the coronavirus has nonetheless affected demand for products and services

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YEN.com.gh has learned that the month of July recorded broadly stable business conditions just as was recorded in the preceding month, a survey has revealed.

The survey, carried out by IHS Markit Ghana PMI, revealed that businesses continued to lower output amid ongoing weakness caused by COVID-19.

It also showed that the cost of purchases increased at a marked pace during the month of July.

Ghana recorded broadly stable business conditions in July - Report
Ken Ofori-Atta, Minister of Finance Source: Bloomberg
Source: UGC

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This was further worsened by a shortage of essential materials and the weakness of currencies.

Per a report by thebftonline.com, this is the result of increased fuel prices and firms having raised their selling prices for the third month running.

The survey also indicated that there were new orders for the month and this signaled an improvement in demand.

However, the outbreak of the coronavirus led to reduced business activities.

Fragile demand conditions compelled some businesses to hold inventories and this led to further reductions in both purchasing activity and stocks of purchases.

In other news, the year 2020 and beyond will be filled with economic challenges for Ghana, the Minister of Finance, Ken Ofori-Atta, has predicted.

According to him, this is mainly due to the impact of the outbreak of the coronavirus on the economy.

In his view, the coronavirus has negatively affected businesses and livelihoods all over the world and Ghana is no exception.

READ ALSO: Almost 40,000 Ghanaians to get jobs through entrepreneurship - NBSSI

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Source: Yen.com.gh

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