Ghana Manufacturing Sees Growth in First 7 Months of 2025, While Construction Slows – BoG Report

Manufacturing Activities Expand While Construction Slows – BoG Report

Manufacturing activity in Ghana showed notable improvement in July 2025, driven by higher direct tax collections and increased contributions to the Social Security and National Insurance Trust (SSNIT) Tier-1 Pension Scheme by private sector workers.

According to the Bank of Ghana’s September 2025 Monetary Policy Report, total direct taxes collected rose by 14.8% year-on-year, reaching GH¢5.27 billion in July 2025, compared to GH¢4.59 billion in July 2024. Over the first seven months of 2025, direct tax revenues grew by 26.2%, totaling GH¢47.59 billion, up from GH¢37.70 billion in the same period of 2024.

The breakdown of sub-tax categories showed that income tax (including PAYE and self-employed contributions) made up 43.0% of the total, corporate tax contributed 35.8%, and other tax sources accounted for 21.2%.

In addition, private sector workers’ contributions to the SSNIT Tier-1 Pension Scheme increased by 8.6% year-on-year, rising to GH¢513.34 million in July 2025 from GH¢472.81 million in July 2024. Cumulatively, these contributions reached GH¢3.48 billion in the first seven months of 2025—a 22.6% increase from the GH¢2.84 billion recorded during the same period in 2024.

Construction Sector Shows Mixed Signals

In contrast, activity in the construction sub-sector showed signs of moderation during the same period. This was measured by cement sales, a key proxy for construction activity.

On a year-on-year basis, cement sales declined by 10.7% in July 2025, totaling 212,735 tonnes, down from 238,168 tonnes in July 2024. This indicates a slowdown in construction activity during the review period.

However, on a month-on-month basis, cement sales recorded a 3.1% uptick in July 2025 compared to the 206,282 tonnes sold in June 2025.

Despite the year-on-year dip in July, cumulative cement sales for the first seven months of 2025 still rose 2.8%, reaching 1.64 million tonnes, up from 1.60 million tonnes over the same period in 2024.

The Bank of Ghana attributed the July decline in cement sales to a moderation in construction activities, reflecting shifting dynamics in the sector.