Manufacturing sub-sector activities improve, but construction sector activities dip 27.2% – BoG
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 July 2023.
According to the September 2023 Monetary Policy Report, total direct taxes collected increased by 52.2% year-on-year to ¢3.267 billion in July 2023, relative to ¢2.146 billion recorded for the same period in 2022.
Cumulatively, total direct taxes collected for the first seven months of 2023 increased by 53.7% to ¢26.086 billion, from ¢16.971 billion for the same period in 2022.
In terms of contributions of the various sub-tax categories, Income tax (PAYE and self-employed) accounted for 45.9%, Corporate tax accounted for 38.0%, while “Other Tax Sources” contributed 16.1%.
Total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 44.1% in year-on-year terms to ¢365.26 million in July 2023, from ¢253.47 million collected during the corresponding period in 2022.
Cumulatively, for the first seven months of 2023, the contribution grew by 26.9% to ¢2.261 billion, relative to ¢1.782.35 billion recorded in the same period in 2022.
Construction sector activities dip 27.2%
Meanwhile, activity in the construction sub-sector, proxied by the volume of cement sales, declined by 27.2% year-on-year in July 2023 to 194,597.00 tonnes, from 267,479.46 tonnes recorded a year ago.
On a month-on-month basis, cement sales remained largely unchanged in July 2023 compared with the 195,695.36 tonnes recorded in June 2023.
Cement sales for the first seven months of 2023 went down by 25.8% to 1,549,147.05 tonnes, from 2,087,474.79 tonnes for the same period of 2022.
Industrial consumption of electricity increase 32.9%
Industrial consumption of electricity increased by 32.9% in July 2023 to 368.06 gigawatts, as against 276.87 gigawatts recorded for the corresponding period in 2022.
In cumulative terms, electricity consumed by industries for the first seven months of 2023 increased by 21.7% to 2,315.24 gigawatts from 1,902.35 gigawatts for the corresponding period a year ago.
Source: Ghana News
