FX.co ★ Ghana’s Whole Economy PMI Slips Below Growth Threshold in January 2026

Ghana’s Whole Economy Purchasing Managers’ Index (PMI) retreated into contraction territory in January 2026, signaling a loss of momentum at the start of the year. The headline index fell to 48.50% in January from 51.10% in December 2025, according to data updated on 04 February 2026.

On a month-over-month basis, the January reading marks a reversal from the previous month’s expansionary signal. In December 2025, the PMI at 51.10% indicated a modest improvement compared with November, while January’s 48.50% points to a deterioration in overall business conditions versus the prior month.

The shift below the 50% threshold suggests that, across the whole economy, Ghanaian firms reported softer activity levels in January compared with December. The data will likely be watched closely by market participants and policymakers for signs of whether this marks a temporary setback or the start of a broader slowdown.