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Major macroeconomic indicators pointing right direction

Accra, Feb. 27, GNA- President Nana Addo Dankwa Akufo- Addo says the major macroeconomic indicators are pointing in the right direction.

He said the macroeconomy was much stronger at the end of 2023 than the previous year as indicators were showing positive signs.

He said this at the State of the Nation Address in Parliament in accordance with article 67 of the 1992 constitution.

“In 2022. Inflation, which peaked at 54.1 per cent in December 2022 has reduced to 23.5 per cent in January 2024. Real GDP Growth for the first three quarters of 2023 averaged 2.8 per cent, higher than the targeted growth rate of 1.5 per cent for 2023. The cedi has been largely stable since February 2023, with a cumulative depreciation of nine per cent (9per cent) between February and December 2023,” he said.

He said,” Gross International Reserves reflected a significant buildup of at five-point-nine billion dollars (US$5.9 billion), enough to cover 2.7 months of imports of goods and services. The current account turned positive at 1.4 per cent of GDP at the end of September 2023, from negative two-point-one per cent (-2.1 per cent) at the end of December 2022.”

Ghana’s inflation has been trending downwards since the last quarter of 2022 as inflation in that year stood at 54.1 and reduced to 23.5 in January 2024.

The Ghana cedi has been relatively stable in the 2023 financial year however, the currency had witnessed marginal depreciation since the commencement of the 2024 financial year as the cedi is currently trading at 13 cedis to a dollar.

The Ghana International Trade and Finance Conference attributed the depreciation to the repatriation of profits by multinational companies.

Some rating agencies notably Fitch Solutions have forecasted a moderate outlook for Ghana as they said stalled external debts restructuring negotiations between Ghana and commercial creditors and geopolitical tensions could be detrimental to the country’s disinflation trends.

Jibril Abdul Mumuni