• 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

Ghana to record its first current account surplus in 20 years

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
294
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana to record its first current account surplus in 20 years

According to research firm Fitch Solutions, it forecasts that Ghana will record 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.

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.

The agency notes that, trade surplus will remain large by historical standards in H2 2023, as imports will contract more sharply than exports due to weak domestic demand.

Indeed, 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.

“We expect that the trade surplus will remain large by historical standards in H223. Imports will continue to contract as domestic conditions remain weak.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

“Indeed, inflation – which averaged 46.2% y-o-y in H123 – will remain elevated over the coming months, averaging 40.6% through 2023, the highest annual rate since 1996. This will weaken purchasing power of households and constrain demand for imported consumer products,” stated Fitch Solutions.

“Meanwhile, restrictive monetary conditions will curtail the ability of businesses to fund their growth initiatives and will lead to a delay in corporate expansion plans, limiting demand for imported capital inputs.

“Furthermore, we believe that global oil prices will average roughly USD80 per barrel (/bbl) in H223, below the USD93/bbl in H222, deflating Ghana’s import bill (mineral fuels account for 5-10% of total imports). All told, we project imports to contract by 10.0% in 2023, from growth of 7.3% in 2022,” added Fitch Solutions.

 

Tags: Current accountghanaGhana to record its first current account surplus in 20 years
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 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.