Lowest since Q1 2021, Ghana’s economic growth slows to 2.9% in Q3 2022

Published

2 years ago

December 22, 2022

In its worst performance since the first quarter of 2021, Ghana’s economic growth slowed to 2.9% year-on-year in the third quarter this year compared with 6.6% in the same period last year.

The statistics service said on Wednesday the third quarter growth figure was the lowest since the economy expanded by 3.1% in the first quarter of 2021.

“This is the least we’ve grown since the economy began to bounce back from the COVID-19 pandemic,” Annim told reporters.

Annim added that Ghana revised growth for the first quarter of this year to 3% and to 4.7% for the second quarter, down from 3.3% and 4.8% respectively.

Ghana’s currency, Cedi is currently rated the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country.

Ghana recently ordered mining companies to pay the Bank of Ghana with refined gold at their refineries from Jan. 1, 2023.

The government has negotiated a $3-billion staff-level agreement with the International Monetary Fund (IMF). Its approval is conditional on comprehensive debt restructuring.

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.

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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.”