balance of payment Archives

22 May

Trade Surplus Hits $1.6Bn In April 2023; Balance Of Payment Remains Negative But Improves – BoG

Wontumi1Businessbalance of payment, capital and financial account, current account, gross reserves, trade surplus

Ghana recorded a trade surplus of $1.6 billion in the first four months of 2023, approximately 2.2% of Gross Domestic Product GDP). This is higher than the $1.15 billion (1.6% of GDP) registered during the same period last year According to the May 2023 Summary of Economic and Financial Data by the Bank of Ghana, total exports as of April 2023 was estimated at $5.64 billion, whilst total imports stood at $4.04 billion. Gold dominated the total value of exports, recording $2.17 billion in April 2023, higher than the $1.84 billion recorded during the same period last year. Cocoa overtook…

Cedi To Record Gains Against Dollar As Expected IMF Deal Impacts Market

Wontumi1Businessbalance of payment, CEDI, dollar, IMF

The Ghana cedi is expected to record gains against the dollar and other major foreign currencies this week, as the progress of the International Monetary Fund (IMF) deal favorably impacts the market. According to many analysts that spoke to Joy Business, the cedi’s performance since March 2023 has been surprising, despite Ghana’s weak balance of payment position. In the first two months of 2023, the cedi lost about 22.1% to the US dollar, but has since March 2023 remain stable against the US dollar. According to Bloomberg, the cedi strengthened by 5.3% on May 15, 2023, the most since April…

First Tranche Of IMF Cash To Hit BoG Account This Week

Wontumi1Businessbalance of payment, BoG, Ghana's creditor's payment, IMF

The first tranche of International Monetary Fund (IMF) cash to support the country’s balance of payment is expected to hit the Bank of Ghana’s account this week. Joy Business is learning that the IMF Board will approve the “cash disbursement” as soon as it considers a request for Ghana’s Programme this Wednesday, May 17, 2023. Part of the first tranche will come in by Friday March 19, 2023, while the remaining should be disbursed by June 2023. Details of disbursement The transfers, Joy Business, understands would be done in two instalments; the first one coming in by Friday May 19, 2023…