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
-
Border restrictions impact businesses and residents amid Togo elections
37 mins -
We’ve helped close leakage gaps – SML maintains
37 mins -
Ketu South MCE commissions an ultra-modern toilet facility in Aflao
48 mins -
Sunyani East parliamentary elections: Ransford Antwi to contest as an independent candidate
57 mins -
Publish full KPMG report on SML/GRA contract – NDC to Akufo-Addo
1 hour -
Inspire Action trains 24 people in vocational training
1 hour -
The government pays little attention to the health sector – Sammy Gyamfi
1 hour -
Peter Amewu mourns after mother’s death
1 hour -
Contract between the government and SML unlawful- Sammy Gyamfi
1 hour -
Dennis Agyei Boateng: Harnessing the power of development communication for Ghana’s development
1 hour -
Achieving equity in the fight against malaria requires greater domestic resource mobilisation
1 hour -
MP Murder Case: Defence Counsel to file ex-parte application to subpoena persons to assist trial
1 hour -
Eat healthy foods to attain anti-aging goals – Nutritionist
1 hour -
4 little ways to tell if you’re crazy-in-love or just crazy-obsessed
1 hour -
Court jails man seven years for cocoa smuggling
2 hours