Consumer spending records mixed performance in 5-months of 2026, but manufacturing activities improved – BoG
According to the report, domestic VAT collections increased by 2.8% on a year-on-year basis to GH¢1.822 billion from GH¢1.772 billion.
In the first five months of 2026, consumer spending in Ghana displayed a mixed performance, according to the July 2026 Monetary Policy Report (MPR) of the Bank of Ghana. While domestic VAT collections surged by 16.8% year-on-year, reaching GH¢9.713 billion, retail sales dipped by 3.1% to GH¢269.09 million. On a monthly basis, retail sales remained relatively stable compared to the previous month.
However, the manufacturing sub-sector demonstrated improvement, with direct taxes collected growing by 18.6% to GH¢6.528 billion and private sector workers' contributions to the SSNIT Pension Scheme surging by 6.7% to GH¢556.20 million. In contrast, the construction sector faced a decline, with cement sales falling by 19.1% year-on-year to 206,242.11 tonnes and a further 9.1% month-on-month to 226,936.20 tonnes.
Cumulatively, cement sales for the first five months of 2026 dropped by 12.7% to 1,069,461.49 tonnes.
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