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MPC press release
MPC Press Release – July 2020
The Bank of Ghana’s Composite Index of Economic Activity (CIEA) contracted sharply by 10.6 percent in May 2020 compared to 5.6 percent growth in May 2019. High frequency data shows that the contraction was broad-based and reflects the impact of the COVID-19 pandemic on the domestic economy. Industrial consumption of electricity fell as manufacturing companies worked below capacity, while tourist arrivals have virtually remained at a standstill due to the border closure and travel restrictions.