• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Fitch forecasts 10% reduction in imports for 2023

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
111
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Fitch forecasts 10% reduction in imports for 2023

Imports, according to Fitch Solutions is set to contract by 10.0% in 2023.

This is from a robust growth of 7.3% in 2022.

Imports are, however, expected to recover starting from 2024.

According to Fitch Solutions, imports will contract more sharply than exports due to weak domestic demand.

“While export growth will also remain in contractionary territory in H223, the decline will be less pronounced than imports,” adds Fitch Solutions.

Reduced imports due to weak domestic demand Fitch Solutions notes, is expected to lead to a current account surplus of 1.3% of GDP in 2023, from a deficit of 2.1% of GDP in 2022 – the first time in 20 years that Ghana records a full-year current account surplus.

RelatedPosts

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

However, in 2024, the current account balance will slip back into deficit to a shortfall of 0.2% of GDP, as imports recover while exports will record sluggish growth due to a projected moderation in global gold and cocoa prices.

Merchandise imports contracted by 13.0% y-o-y in H123 as a result of weak domestic demand and lower global commodity prices.

Meanwhile, exports fell by 7.2%, pushing up the trade surplus to USD299.6mn, from USD245.7mn in H122.

Data released by the Bank of Ghana (BoG) shows that the overall current account balance posted a surplus of USD0.8bn in H123, compared to a deficit of USD1.1bn in the corresponding period of 2022.

Tags: exportsFitch forecasts 10% reduction in imports for 2023Fitch Solutionsimports
No Result
View All Result

Highlights

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

Banking Industry: Non-Performing Loans Edge Higher to GHS 20.7bn

‘The Gulf of Guinea is our Wall Street, IMF, and World Bank Combined’, Says Air Vice Marshal Hanson 

GJA President Underscores Vital Role of Journalists in Safeguarding Ghana’s Maritime Domain

Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale

Trending

Banking & Finance

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

October 7, 2025

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor Governor of the Bank of...

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

October 7, 2025

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

October 7, 2025

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

October 7, 2025

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

October 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.