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Solace as Ghana’s economy grows by 4.8% in Q2 2022

Published

2 years ago

September 20, 2022

There is something to cheer about in Ghana, and West Africa as the country’s economy expanded 4.8% year-on-year in the second quarter of 2022.

According to data from the country’s statistics service on Tuesday, the latest wave of growth is reportedly driven by the fishing, manufacturing, and education services sectors.

A World Bank report says Ghana’s rapid growth was halted by the COVID-19 pandemic, the March 2020 lockdown, and a sharp decline in commodity exports.

The gold-rich country had recently reached out to the International Monetary Fund (IMF) for its intervention as it struggle to settle its finances.

Economic growth came in at 3.3% in the first quarter of this year, less than half the 7% growth seen in the last quarter of 2021 as the West African nation battled runaway inflation, a depreciating local currency, and high public debt.

The government statistician Samuel Kobina Annim said during a press conference, “the sharp decline we recorded in the last quarter has been marginally reversed.”

“Keep in mind that whatever happened in Ukraine in the first quarter of the year and the COVID-19 pandemic have a lot of pass-through effects,” Annim said.

“If you take macroeconomic variables like inflation, like the exchange rate, the potential of a pass-through effect in the third and fourth quarters is high,” he added.

The economy had grown at an average of 7 percent in 2017-19, before experiencing a sharp contraction in the second and third quarters of 2020.

Related Topics:Economy growth Featured Ghana

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”