Ghana’s Whole Economy Purchasing Managers’ Index (PMI) fell to 49.80% in October 2026, down from 51.30% in September 2026, signaling a marginal contraction in overall economic activity on a month-over-month basis. The move takes the indicator below the 50% threshold that typically separates expansion from contraction.
The latest data, updated on 4 November 2026, reflects a reversal from September’s expansionary reading. The month-over-month comparison framework shows that while September’s 51.30% reading indicated improving conditions versus the prior month, October’s 49.80% suggests that momentum has weakened, with business activity cooling after a period of moderate growth.
For market participants and policymakers, the shift underscores emerging headwinds across the broader Ghanaian economy. Although the decline is modest, the drop below 50% will likely sharpen focus on incoming data to determine whether October marks a temporary pause in growth or the start of a more sustained slowdown.