The real sector of the economy recorded an improvement in performance in January 2022, the Bank of Ghana has stated in it March 2022 Monetary Policy Report.
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), recorded a positive performance in January 2022.
Total direct taxes collected increased by 4.3% (year-on-year) to ¢1.430 billion in January 2022, relative to ¢1.371 billion recorded in January 2021.
However, on a month-on-month basis, total direct taxes collected for January 2022 declined by 72.2% from ¢5.148 billion collected in December 2021.
In terms of contributions of the various sub-tax categories, Income tax (PAYE and self-employed) accounted for 45.3%, whilst corporate tax accounted for 43.4 percent and “Other Tax Sources” contributed 11.3%.
Construction Sector Activities
Activity in the construction sub-sector, proxied by the volume of cement sales, declined by 6.05 (year-on-year) in January 2022 to 314,654.79 tonnes, compared with 334,700.22 tonnes recorded a year ago. On a month-on-month basis, total cement sales dipped by 5.9% in January 2022 compared with 334,344.22 tonnes recorded in December 2021.
The decline in total cement sales was due to a slowdown in construction activities during the review period.
Transport sector activities, gauged by new vehicle registrations by the Driver and Vehicle Licensing Authority (DVLA), however improved by 9.6% to 50,374 in January 2022, from 45,963 vehicles registered during the corresponding period of 2021.
On a month-on-month basis, DVLA vehicle registrations rose significantly in January 2022, in line with seasonal trends.
Industrial Consumption of Electricity
Consumption of electricity by industries went up by 11.7% on a year-on-year basis, during the period under review. Industries consumed 269.43 gigawatts of power in January 2022, as against 241.24 gigawatts recorded for the corresponding period in 2021.
On a month-on-month basis, electricity consumed by industries in January 2022 increased marginally by 1.5% from 265.38 gigawatts utilised in December 2021.
The improvement in power consumption was mainly due to increased industrial activity by manufacturing companies during the review period.
Passenger Arrivals at the Airport
International passenger arrivals increased by 52.8% to 56,285 in January 2022, compared with 36,838 arrivals recorded a year ago.
On a month-on-month basis, passenger arrivals declined by 34.2%.
The year-on-year increase in passenger arrivals reflected the continuous easing of travel restrictions in the country.
Ports and Harbours Activity
International trade at the country’s two main harbours (Tema and Takoradi), as measured by laden container traffic for inbound and outbound containers, improved during the period under review.
Total container traffic grew marginally by 0.9%, year-on-year, to 62,062 in January 2022, up from 61,500 for a similar period in 2021.
On a month-on-month basis, total container traffic decreased by 4.1% when compared to 64,727 recorded in December 2021.
The relative year-on-year improvement in port activities was due to an uptick in international trade activities as global COVID restrictions eased over the review period.