Consumer spending, proxied by domestic VAT collections and retail sales, posted a positive performance in May 2024 compared with the corresponding period in 2023, the Bank of Ghana’s Monetary Policy Report – July 2024, has said.

It noted that domestic VAT collections increased by 28.7 per cent on a year-on-year basis to GH¢1.36 billion.

Cumulatively, total domestic VAT for the first five months of 2024 went up by 14.8 per cent to GH¢6.22 billion, compared with GH¢5.42 billion for the corresponding period of last year.

Retail sales increased by 25.5 per cent (year-on-year) to GH¢200.27 million in May 2024, up from the GH¢159.57 million recorded in the same period in 2023.

On a month-on-month basis, retail sales improved by 6.0 per cent in May 2024, from GH¢188.87 million in the preceding month.

In cumulative terms, retail sales for the first five months of 2024 went up by 19.1 per cent.