Ghana’s trade surplus narrowed last year as revenue from cocoa and oil shipments declined.
The West African nation’s favorable trade balance shrank 10%
to $2.6 billion in 2023, the Bank of Ghana said in a summary of economic and
financial data. Total exports decreased 5% to $16.6 billion, driven by an 8.7%
drop in cocoa income and 30% slide in revenue from oil shipments, the central
bank said.
The world’s second-biggest cocoa producer harvested about
650,000 tons last year, the least in 13 years, amid bad weather and a scarcity
of farm inputs. Crude production was down 9.5% at 35.4 million barrels in the
first nine months of 2023, according to the finance ministry.
The developments weighed on Ghana’s foreign-exchange
reserves, which decreased to $5.9 billion at the end of December from $6.3
billion a year earlier, the data show.
Below are other key economic and financial indicators in the
Bank of Ghana report:
Total imports eased 4% to $14 billion in 2023.
Gold exports rose 15% to $7.6 billion.
Foreign-exchange reserves were enough to cover 2.7 months of
imports, unchanged from December 2022.
The budget deficit narrowed to 2.5% of gross domestic
product in the nine months through September, from 7.2% a year earlier.
Public debt, defined to exclude state-owned enterprise
loans, rose to 567.3 billion cedis in the first nine months of last year, from
478.8 billion cedis a year earlier.
Banks’ total loans increased to 77 billion cedis in December
from 67.7 billion cedis a year earlier.
Annual loans growth slowed to 13.8% from 25.5% a year
earlier.
Capital adequacy ratio dropped to 13.9% from 16.2%.
Non-performing loans rose to 20.7% from 16%.
Monthly mobile-money transactions surged to 199.3 billion cedis in December from 122 billion cedis a year earlier. Bloomberg
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