• 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 Economy

Ghana: World Bank disagrees with Fitch Solutions’ 2.9% current account deficit

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
180
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana: World Bank disagrees with Fitch Solutions’ 2.9% current account deficit

Ghana’s current account deficit as a percentage of GDP, the World Bank has said will widen to 4.2% in 2022.

According to the Bretton Wood Institution, it expects the country’s current account deficit to remain elevated through to 2024.

The World Bank asserts the country’s current account deficit will be driven by high external financing needs.

“The current account deficit is expected to widen to 4.2 percent of GDP in 2022 and to remain elevated through to 2024, driven by high external financing needs associated with debt service declines in oil export volumes and the services trade deficit,” averred the World Bank.

The World Bank’s projection of a 4.2% widening of current account deficit for Ghana is contrary to an earlier projection of 2.9% current account deficit by research agency, Fitch Solutions.

Fitch Solutions forecasted that Ghana’s current account deficit will widen, albeit modestly, from an estimated 2.6% of GDP in 2021 to 2.9% in 2022 as rising vaccination rates boost household confidence and demand for imports, narrowing the country’s goods trade surplus.

RelatedPosts

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders

Regulatory Weakness, Capped Stabilisation Fund Undermining Ghana’s Petroleum Revenue Management – PIAC

MLS Playoffs 2025: A Look Ahead to the Exciting Postseason

The current account deficit, it further noted, will be partially offset by an uptick in remittances, increasing the secondary income account surplus, while stronger tourism will see the country’s services trade deficit narrow.

“Indeed, our forecast implies that while the country’s current account deficit will expand in 2022, it will remain small compared to Ghana’s five (-3.4% of GDP) and 10 year (-5.8%) pre-pandemic averages,” it added.

Read: IES projects further price increments in LPG, diesel and petrol in first-pricing window of March

Current account deficit widens by $400m in 2021

Ghana’s current account deficit widened by $400m reaching $2.5 billion at end-2021 from the end-2020 figure of $2.1 billion.

According to data made available by the Bank of Ghana (BoG) in its Monetary Policy Report for January 2022, higher investment outflows arising from increased interest payments and dividend repatriation resulted in the widened current account deficit.

“Developments in the trade account, together with higher investment income outflows arising from increased interest payments, profits and dividend repatriation, resulted in a widened current account deficit of US$2.5 billion at the end of 2021, compared with US$2.1 billion recorded at the same time last year,” it stated.

The BoG in the repost asserts that it expects a further deterioration in the country’s current account deficit driven by lower trade surplus and higher outflows in the investment and services account.

“Initial projections under the baseline scenario suggest a drawdown in reserves in 2022 based on a projected widening in the current account deficit and lower inflows into the financial account. The expected deterioration in the current account will be driven by a lower trade surplus, and higher outflows in the investment and services account,” the BoG averred.

Source: norvanreports
Tags: Bank of Ghana (BoG)COVID-19 pandemicghanaGhana: World Bank disagrees with Fitch Solutions' 2.9% GDP current account deficitWorld Bank
No Result
View All Result

Highlights

Michael Jordan Rookie Card Sets New Record with $2.7 Million Sale

BoG Pegs Ghana Gold Coin at GHS 47,551 per Ounce

UEFA Champions League: Paris, Inter and Arsenal Win in Style to Stay Perfect, Barcelona Score Six

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

BoG Halts GCB Bank Dividend Payment

Trending

Business

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders

October 22, 2025

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders FirstBank Ghana has successfully concluded the...

Regulatory Weakness, Capped Stabilisation Fund Undermining Ghana’s Petroleum Revenue Management – PIAC

October 22, 2025

MLS Playoffs 2025: A Look Ahead to the Exciting Postseason

October 22, 2025

Michael Jordan Rookie Card Sets New Record with $2.7 Million Sale

October 22, 2025

BoG Pegs Ghana Gold Coin at GHS 47,551 per Ounce

October 22, 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.