Manufacturing activities up in 7-months of 2025, but construction activities dip – 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 2025.

According to the Bank of Ghana’s September 2025 Monetary Policy Report, total direct taxes collected increased by 14.8% (year-on-year) to GH¢5.265 billion in July 2025, relative to GH¢4.586 billion recorded in a similar period in 2024. Cumulatively, total direct taxes collected for the first seven months of 2025 went up by 26.2% to GH¢47.592 billion, from GH¢37.702 billion for the same period in 2024.

In terms of contributions of the various sub-tax categories, income tax (PAYE and self-employed) accounted for 43.0%, corporate tax accounted for 35.8%, while “other tax sources” contributed 21.2%. Total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 8.6% in year-on-year terms to GH¢513.34 million in July 2025. This was from GH¢472.81 million collected during the corresponding period in 2024.

Cumulatively, for the first seven months of 2025, the contribution grew by 22.6% to GH¢3.482 billion, relative to GH¢2.840 billion recorded in the same period in 2024.

Construction Activities Dip

Meanwhile, activity in the construction sub-sector, proxied by the volume of cement sales, declined by 10.7% (year-on-year) in July 2025 to 212,735.33 tonnes. This was down from 238,167.80 tonnes recorded a year ago.

However, on a month-on-month basis, total cement sales increased by 3.1% in July 2025 compared with the 206,282.00 tonnes recorded in June 2025.

Cumulatively, cement sales for the first seven months of 2025 improved by 2.8% to 1,644,413.19 tonnes, from 1,600,173.48 tonnes for the same period of 2024.

The relative decline in total cement sales, year-on-year, was due to a moderation in construction activities during the review period.

Industrial Consumption of Electricity Improves

In a related development, industrial consumption of electricity improved by 11.6% in July 2025 to 316.04 gigawatts. This is against 283.26 gigawatts recorded for the corresponding period in 2024.

In cumulative terms, electricity consumed by industries for the first seven months of 2025 increased by 9.2% to 2,175.84 gigawatts from 1,992.94 gigawatts for the corresponding period a year ago.

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