Coronavirus: Ghana's Composite PMI hits new low in April

The Stanbic Bank Ghana Purchasing Managers Index (PMI) slumped to a new record low of 31.7 in April of 2020 from 41.4 in the previous month.

The Composite PMI Index measures the activity level of purchasing managers in the both sectors.

Output and new orders hit new lows, severely impacted by the imposed shutdowns as the COVID-19 pandemic intensified.

Employment fell substantially for the second month running, broadly in line with that seen in March, amid lower workloads and efforts to comply with social distancing rules in the workplace.

Also, purchasing activity and inventories were reduced at unprecedented rates. On the price front, both input costs and output prices continued to decrease sharply, amid falling demand.

Meanwhile, business confidence picked up in April, after having slumped in March, on hopes that activity may return to growth following the end of the lockdown.