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
-
Majority of wedding gifts are given with evil intentions – Prophet warns
10 mins -
E Vibes: Kofi Kinaata demonstrates culinary skills on upcoming episode
14 mins -
Empowering Communities: Health Promoters in Chitungwiza Undertake Comprehensive Training to Combat Cholera
37 mins -
World Health Organization (WHO) and Government of Ireland collaborate to strengthen health system resilience in Tanzania
56 mins -
Forest industries in Ghana build synergies for green sustainable future
59 mins -
Ghanaian pastors pay Nigerian musicians better than local singers – Celestine Donkor
2 hours -
UCC branch of NDC prevails on John Mahama to maintain Prof. Jane Naana Opoku-Agyemang as running mate
2 hours -
Ex-Liverpool & Newcastle star, Andy Carroll fancies All Star Festival 2024 appearance
2 hours -
Gratitude for Altitude: Bishop Victor Goldsmith Ministries to host grand music and prayer festival
2 hours -
Two jailed for robbery in Wa
2 hours -
Rhythms On Da Runway 2023: Elevating the SDGs through fashion
2 hours -
NPP knows the truth; they only pretend not to care — Global InfoAnalytics head
2 hours -
It will be difficult for OSP to prove corruption-related offences in alleged vote-buying cases – Joseph Kpemka
2 hours -
WAFCON 2024: Tournament will be very special for Black Queens – Nora Hauptle
2 hours -
Philip Nai & Friends: Menscook, Mr. Candy support Korle-Bu charity initiative
3 hours