Remittance inflows soar to $3.2 billion in Q3 2023

Latest data from the Bank of Ghana, disclosed during its recent Monetary Policy Committee meeting on November 27, 2023, reveals a substantial uptick in remittance flows, reaching $3.2 billion in the third quarter.

This marks a notable increase from the $2.5 billion recorded during the same period in 2022.

The comprehensive data further unveils a remarkable transformation in the current account, which now boasts a surplus of $1.0 billion.

The central bank attributes this surplus to commendable enhancements in the trade account, a pronounced reduction in income payments, and a robust surge in remittance inflows.

The income account, a focal point of analysis, exhibits significant improvement, propelled by the effects of a debt standstill.

According to the BoG, the prudent financial strategy has resulted in a substantial 56% decrease in net income payments, now totaling $1.4 billion.

Furthermore, interest payments on public debt have seen a remarkable decline of 89.8%, settling at $134 million compared to $1.3 billion during the same period in 2022.

This positive economic outlook underscores the effectiveness of policy measures, indicating a favorable trajectory and fostering increased confidence in the nation’s fiscal landscape.

Source:norvanreports