• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, August 5, 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

Consumer Spending Improves In Q3 2022 – Bank of Ghana

December 14, 2022
Stephen M.Cby Stephen M.C
in Economy
0
Consumer Spending Improves In Q3 2022 – Bank of Ghana

Image credit: Razorpay

Consumer spending, proxied by domestic VAT collections and retail sales, posted a positive performance in September 2022, compared with the corresponding period in 2021.

The November 2022 edition of the Monetary Policy Report released by the Bank of Ghana (BoG) revealed that domestic VAT collections increased by 19.9 percent on a year-on-year basis to GH¢755.53 million in September 2022, from GH¢630.34 million in the corresponding month last year.

“Cumulatively, total domestic VAT for the first three quarters of 2022 went up by 20.3 percent to GH¢6,073.00 million compared with GH¢5,049.61 million for the corresponding period of last year.”

Bank of Ghana  

Likewise, retail sales increased by 8.9 percent (year-on-year) to GH¢118.78 million in September 2022, up from the GH¢109.10 million recorded in the same period in 2021. On a month-on-month basis however, retail sales declined marginally by 1.1 percent in September 2022 from GH¢120.10 million in the preceding month.

RelatedPosts

Gold’s Slippery Slope Could Break the Cedi’s Winning Streak – Fitch Raises Alarm

24-Hour Economy Gains Momentum: Deloitte Tips Ghana to Hit 2025 GDP Milestone

Global Recession Looms—Ghana Urged to Build Bond Buffer or Risk Economic Shock

images bog

Irrespective of the month-on-month decline in September, in cumulative terms, retail sales for the first three quarters of 2022 went up by 4.9 percent.

Aside Domestic VAT collections and retail sales which capture the consumer side of the real sector, manufacturing activities and industrial consumption of electricity, mostly related to producers, also improved in the review period.

Manufacturing Activities

Activities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1), improved in September 2022.

BoG data revealed that Total Direct Taxes collected increased by 30.0 percent (year-on-year) to GH¢4,004.27 million in September 2022, relative to GH¢3,080.55 million recorded in a similar period in 2021.

“Cumulatively, total Direct Taxes collected for the first three quarters of 2022 went up by 25.2 percent to GH¢23,058.72 million, from GH¢18,418.30 million for the same period in 2021. In terms of contributions of the various sub-tax categories, Corporate tax accounted for 57.1 percent, Income tax (PAYE and self-employed) accounted for 28.6 percent, while ‘Other Tax Sources’ contributed 14.3 percent.”

Bank of Ghana  

Total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 14.0 percent (year-on-year) to GH¢245.89 million in September 2022, from GH¢215.67 million collected during the corresponding period in 2021.

Cumulatively, for the first three quarters of 2022, the contribution grew by 20.8 percent to GH¢2,293.11 million, relative to GH¢1,898.96 million recorded in the same period in 2021.

Construction sub-sector activity

Still within the industry sector, activity in the construction sub-sector, proxied by the volume of cement sales, declined by 20.0 percent (year-on-year) in September 2022 to 255,045.87 tonnes, down from 318,655.90 tonnes recorded a year ago.

Dzata Cement Price Location And Details In Ghana

On a month-on-month basis, total cement sales dipped by 9.1 percent in September 2022 compared with the 280,707.85 tonnes recorded in August 2022.

Cement sales for the first three quarters of 2022 went down by 15.6 percent to 2,623,228.51 tonnes, from 3,108,877.03 tonnes for the same period of 2021. The Bank of Ghana explained that the decline in total cement sales was due to a slowdown in construction activities during the review period.

On the contrary, consumption of electricity by industries increased by 14.9 percent on a year-on-year basis during the period under review. Industries consumed 286.76 gigawatts of power in September 2022, as against 249.68 gigawatts recorded for the corresponding period in 2021.

On a month-on-month basis, power consumed by industries in September 2022 went up by 8.1 percent from 265.24 gigawatts utilized for August 2022. In cumulative terms, electricity consumed by industries for the first three quarters of 2022 increased by 5.6 percent to 2,454.35 gigawatts from 2,325.24 gigawatts for the corresponding period a year ago.

READ ALSO: Keep My Name Out Of Your Mouth, You Are Warned- Sam George Cautions Opare Addo

Tags: Bank of GhanaCement salesConsumer SpendingSSNITVAT
Please login to join discussion
Previous Post

Australian Police Investigates Extremist Views Of Cop Killers

Next Post

US-Africa Summit Opens With Focus On Africa’s Youth

[mc4wp_form id="1264"]

Related Posts

Fuse ODG Focuses Beyond Afrobeats Recognition
Entertainment

Fuse ODG Focuses Beyond Afrobeats Recognition

August 5, 2025
Migrant Misinformation Linked To Tougher Policies
UK

Migrant Misinformation Linked To Tougher Policies

August 5, 2025
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
Extractives/Energy

COPEC Rejects Planned 20% Transport Fare Hike 

August 5, 2025
Nobel laureate, Muhammad Yunus.
Asia

Bangladesh’s Election To Take Place In February

August 5, 2025
Daddy Lumba’s Family Sets Date for One-Week Observation
Entertainment

Daddy Lumba’s Family Sets Date for One-Week Observation

August 5, 2025
transport fares to be increased
General News

GPRTU Disowns Transport Fares Hike Announcement By GRTCC

August 5, 2025
Fuse ODG Focuses Beyond Afrobeats Recognition
Entertainment

Fuse ODG Focuses Beyond Afrobeats Recognition

by Esther Korantemaa OffeiAugust 5, 2025
Migrant Misinformation Linked To Tougher Policies
UK

Migrant Misinformation Linked To Tougher Policies

by Lawrence AnkutseAugust 5, 2025
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
Extractives/Energy

COPEC Rejects Planned 20% Transport Fare Hike 

by Prince AgyapongAugust 5, 2025
Nobel laureate, Muhammad Yunus.
Asia

Bangladesh’s Election To Take Place In February

by Comfort AmpomaaAugust 5, 2025
Daddy Lumba’s Family Sets Date for One-Week Observation
Entertainment

Daddy Lumba’s Family Sets Date for One-Week Observation

by Esther Korantemaa OffeiAugust 5, 2025
transport fares to be increased
General News

GPRTU Disowns Transport Fares Hike Announcement By GRTCC

by Lilian AhedorAugust 5, 2025
Fuse ODG Focuses Beyond Afrobeats Recognition
Migrant Misinformation Linked To Tougher Policies
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
Nobel laureate, Muhammad Yunus.
Daddy Lumba’s Family Sets Date for One-Week Observation
transport fares to be increased
[/vc_row_inner]

Recent News

  • Fuse ODG Focuses Beyond Afrobeats Recognition
  • Migrant Misinformation Linked To Tougher Policies
  • COPEC Rejects Planned 20% Transport Fare Hike 
  • Bangladesh’s Election To Take Place In February
  • Daddy Lumba’s Family Sets Date for One-Week Observation
The Vaultz News

Copyright © 2021 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 © 2021 The Vaultz News. All rights reserved.