• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, October 15, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Productive sector activities of the economy grow by 27.5 %

Stephen M.Cby Stephen M.C
November 7, 2020
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in Economy, Top Stories
0
Productive sector activities of the economy grow by 27.5 %

Dr. Ernest Addison - Governor of the Bank of Ghana

Activities within the productive sectors of the economy, measured by Industrial consumption of electricity went up by 27.5 percent in July 2020, compared with a similar period in 2019.

The Bank of Ghana stated in the Monetary Policy Report on the Real Sector Developments that industries consumed 263.98 gigawatts of power in July 2020, as against 207.00 gigawatts recorded for the corresponding period in 2019. This resulted in year-on-year growth of 27.5%.

This was attributed to the growth in industrial consumption of electricity to the return of firms and businesses to full operations post-lockdown

RelatedPosts

Volta Region Readies for 24-Hour Economy Policy Program

Cedi Stages Stunning Comeback: Rises to GH¢11.40 Per Dollar, Wipes Out Third Quarter Losses

Ghana Becoming Africa’s Most Friendly Business Destination – Mahama Woos Chinese Investors in Beijing

Industrial consumption of electricity in June was 232.79 gigawatts, this indicates a month-on-month expansion of 13.4 percent between June and July 2020.

Cumulatively, electricity consumed by industries within the first seven months of 2020 increased marginally by 3.5 percent to 1,616.70 gigawatts from 1,561.48 gigawatts recorded during the same period in 2019.

ADVERTISEMENT
electricity generation transmission distribution guides 1

The central bank stated that the improvement in power consumption by industries was due mainly to a rebound in industrial activity by manufacturing companies after the partial lockdown was lifted on April 20, 2020.

However, the report says, activities in the manufacturing sub-sector, gauged by the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1), recorded mixed performance in July 2020.

 Total direct taxes collected increased by 19.0 percent year-on-year to GH¢1,486.71 million in July 2020, compared with GH¢1,249.16 million recorded in a similar period in 2019.

Cumulatively, total Direct Taxes collected over the first seven months of 2020 went up by 4.5 percent to GH¢10,615.74 million, relative to 10,157.27 million for the same period in 2019.

 In terms of contributions of the various sub-tax categories, Corporate tax accounted for 44.6 percent, Income tax (PAYE and self-employed) accounted for 44.2 percent, while “Other Tax Sources” contributed 11.2 percent.

International trade taxes comprising mainly import duties amounted to GH¢4,423.3 million and was over 35 percent above the revised target.

In year-on-year terms, the outturn increased by 37.4 percent which the central bank attributed to a strong recovery in the international trade taxes as transitional issues at the ports have been largely resolved.

The central bank noted that because of the trends in real sector indicators, the Composite Index of Economic Activity (CIEA) grew by 3.6 percent in July 2020, compared to a growth of 5.2 percent for the corresponding period of 2019.

The consumer and business confidence surveys conducted in August 2020 showed an improvement in sentiments.

However, the Bank of Ghana pointed out that while consumer confidence bounced back strongly, business confidence is yet to return to pre-pandemic levels. The consumer confidence index improved from 90.3 in June to 101.0 in August 2020.

Food prices 1

The improvement in confidence, the Bank of Ghana said, “was largely driven by the current economic conditions of consumers following the gradual lifting of COVID-19 restrictions”.

The business confidence index increased marginally from 88.0 in June to 90.9 in August 2020. The central bank stated that the gradual improvement in sentiments reflected businesses’ optimism about improving macroeconomic conditions, stability in the exchange rate, lower input prices, moderation in lending rates, and positive industry prospects.

“Domestic economic activity, after contracting in the second quarter, is beginning to show signs of recovery from the adverse effects of the COVID-19 pandemic. The latest high-frequency data show broad-based improvement in all the key indicators. Retail sales, domestic VAT collections, industrial consumption of electricity, cement sales, vehicle registration, and port activity have all turned around”.

Please login to join discussion
Previous Post

Government has disbursed GHS4, 371,615 to SMEs in the Savannah Region- West Gonja MCE

Next Post

US$655 million needed to avert major measles and polio epidemics, says UNICEF & WHO

Subscription Form

Related Posts

Volta Region Readies for 24-Hour Economy Policy Program
Economy

Volta Region Readies for 24-Hour Economy Policy Program

October 14, 2025
Cedi Stages Stunning Comeback: Rises to GH¢11.9 Per Dollar, Wipes Out Third Quarter Losses
Economy

Cedi Stages Stunning Comeback: Rises to GH¢11.40 Per Dollar, Wipes Out Third Quarter Losses

October 14, 2025
President John Dramani Mahama
General News

Ghana Becoming Africa’s Most Friendly Business Destination – Mahama Woos Chinese Investors in Beijing

October 14, 2025
Forson, Asiama Lead Ghana’s Economic Diplomacy Offensive at 2025 IMF/World Bank Annual Meetings
Economy

Forson, Asiama Lead Ghana’s Economic Diplomacy Offensive at 2025 IMF/World Bank Annual Meetings

October 14, 2025
Ghana Bourse Records Explosive Growth in Trading Activity
Securities/Markets

Ghana Bourse Records Explosive Growth in Trading Activity

October 14, 2025
Cocoa and Forests Initiative, Ferrero Strengthens Its Commitment in 2022
Economy

Decline In Global Cocoa Demand Puts Ghana’s Fiscal Position At Risk

October 13, 2025
Ghana’s Corruption Fight Hinges on Curtailing Political Monetization – GII Boss  
General News

Ghana’s Corruption Fight Hinges on Curtailing Political Monetization – GII Boss  

by Emmanuel Tibila BoasahOctober 15, 2025
Birim Central Municipal Intensifies Efforts to Reclaim Galamsey-Affected Lands
Extractives/Energy

Birim Central Municipal Intensifies Efforts to Reclaim Galamsey-Affected Lands

by Bless Banir YarayeOctober 15, 2025
Africa

Kenya’s Raila Odinga Dies Of Heart Attack

by Comfort AmpomaaOctober 15, 2025
We Do Not Need DStv If GBC is Empowered – Bernard Monarh Demands National Action
General News

We Do Not Need DStv If GBC is Empowered – Bernard Monarh Demands National Action

by Richmond EllehOctober 15, 2025
Hon. Cletus Seidu Dapilah Sworn in as NEDCo Board Chairman
Extractives/Energy

Hon. Cletus Seidu Dapilah Sworn in as NEDCo Board Chairman

by Bless Banir YarayeOctober 15, 2025
NPP Hoping Mahama Fails in Order to Win 2028 Elections
General News

Boakye Antwi Vows to Rebuild, Reignite and Unite the NPP

by Silas Kafui AssemOctober 15, 2025
Ghana’s Corruption Fight Hinges on Curtailing Political Monetization – GII Boss  
Birim Central Municipal Intensifies Efforts to Reclaim Galamsey-Affected Lands
We Do Not Need DStv If GBC is Empowered – Bernard Monarh Demands National Action
Hon. Cletus Seidu Dapilah Sworn in as NEDCo Board Chairman
NPP Hoping Mahama Fails in Order to Win 2028 Elections

Recent News

Ghana’s Corruption Fight Hinges on Curtailing Political Monetization – GII Boss  

Ghana’s Corruption Fight Hinges on Curtailing Political Monetization – GII Boss  

October 15, 2025
Birim Central Municipal Intensifies Efforts to Reclaim Galamsey-Affected Lands

Birim Central Municipal Intensifies Efforts to Reclaim Galamsey-Affected Lands

October 15, 2025

Kenya’s Raila Odinga Dies Of Heart Attack

October 15, 2025
We Do Not Need DStv If GBC is Empowered – Bernard Monarh Demands National Action

We Do Not Need DStv If GBC is Empowered – Bernard Monarh Demands National Action

October 15, 2025
Hon. Cletus Seidu Dapilah Sworn in as NEDCo Board Chairman

Hon. Cletus Seidu Dapilah Sworn in as NEDCo Board Chairman

October 15, 2025
NPP Hoping Mahama Fails in Order to Win 2028 Elections

Boakye Antwi Vows to Rebuild, Reignite and Unite the NPP

October 15, 2025
Subscription Form
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.