The country’s external sector position continued to improve significantly in the first eight months of this year.
This is supported by a current account surplus, reflecting higher gold export receipts, import compression, and lower outflows from the services and income accounts.
According to the Bank of Ghana, the lower balance of payments deficit, the domestic gold purchase programme, as well as inflows from the mining sector and the liquidation of some short-term external liabilities contributed to rebuilding the country’s reserve buffers.
In the last quarter of the year, the Central Bank said a reserve accumulation would be further bolstered by the expected inflows from the cocoa syndication loan, the second tranche of the International Monetary Fund Economic Credit Facility programme, and other multilateral inflows.
The balance of payments for the first six months of the year recorded some improvements. The current account recorded a surplus of $859.1 million from a deficit of $1.1 billion last year.
The sharp improvement in the current account reflected a significant reduction in external debt service payments on the Eurobond, bilateral and some commercial loans, resulting in over $2.0 billion temporary savings in the year to September 2023 due to the external debt service standstill.
For the same period in 2022, the current account recorded a deficit of $2.5 billion.
Latest Stories
-
All set for Ghana Accountancy and Finance Awards
11 mins -
FIFA unveil new trophy for 2025 Club World Cup
20 mins -
Akwatia chief predicts Mahama’s return to power will mirror Donald Trump’s comeback
24 mins -
Bawumia will be the next president of Ghana – Prophet William Braham
30 mins -
Honouring Jerry John Rawlings: A legacy of ethical leadership, development, and environmental stewardship
35 mins -
Herbert Mensah elected to World Rugby Executive Board
37 mins -
Shatta Wale’s girlfriend welcomes baby girl
38 mins -
AFCON 2025: ‘It’s very disappointing’ – Michail Antonio on Ghana’s potential failure to qualify
42 mins -
NLC secures injunction against Ghana Highway Authority industrial strike
55 mins -
Pencils of Promise commissions 3 Unit Classroom block for Adaklu Seva Basic School
1 hour -
Ghana Library Association embraces AI as it seeks to improve service delivery
1 hour -
2024 Election: Kumasi market Queens pledge to choose NPP gov’t
1 hour -
Full Supreme Court ruling on vacant seats controversy
1 hour -
MPs seat can only be vacated if they switch political parties in Parliament – Supreme Court
1 hour -
KMJ, Doreen Avio to host 2024 Ghana Music Awards UK
1 hour