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 July 2026, the Bank of Ghana published its Monetary Policy Report, detailing mixed performance of consumer spending in the first five months of 2026. The report indicated that domestic VAT collections rose by 2.8% year-on-year to GH¢1.822 billion, with cumulative VAT for the period increasing by 16.8% to GH¢9.713 billion. However, retail sales decreased by 3.1% year-on-year to GH¢269.09 million in May 2026, while remaining relatively unchanged on a month-on-month basis.
Cumulatively, retail sales for the first five months of 2026 saw a modest 2.5% increase. The manufacturing sector, on the other hand, showed improvement, with direct taxes collected growing by 18.6% year-on-year to GH¢6.528 billion in May 2026. Cumulatively, direct taxes for the first five months of 2026 rose by 16.4% to GH¢38.157 billion.
Contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme also improved, with total private sector workers' contributions increasing by 6.7% to GH¢556.20 million in May 2026. Meanwhile, the construction sector experienced a decline, with cement sales dropping by 19.1% year-on-year to 206,242.11 tonnes in May 2026.
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