What do you believe is the single most important factor driving up the cost of living in Nigeria?

The Bank of Ghana (BoG) in its latest Monetary Policy Report has revealed that confidence surveys conducted in June 2024 indicated some softening of consumer and business sentiments.

According to the central bank, exchange rate volatilities in May 2024 posed the biggest challenge to businesses, affecting their operations.

“The Business Confidence Index dipped to 88.8 from 92.6 in the same comparative period as businesses expressed concern about the cost implications of the rapid exchange rate depreciation observed in May 2024”, it said.

Similarly, the report showed that Consumer Confidence Index declined to 81.2 in June 2024, from 87.7 in April 2024, on account of high food prices and some uncertainties about future economic conditions.

“These findings were broadly in line with observed trends in Ghana’s Purchasing Managers’ Index (PMI), which fell below the 50.0 benchmark to 49.7 in June 2024, from 51.6 in the previous month”, the BoG explained in the report.

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