VenturesNow

Ghana records fastest growth in 5 years as GDP expands by 6.9% in Q2 2024

Published

3 months ago

September 19, 2024

Ghana has recorded its strongest rate of economic growth in five years in the second quarter of 2024, with the country’s statistics agency reporting on Thursday that the country’s GDP expanded by 6.9% year over year.

The country, which is a top producer of cocoa, oil, and gold has been battling the greatest economic crisis in a generation as a result of spiralling public debt, the robust rise signifies a noteworthy comeback.

“The 6.9% growth rate is the highest since the second quarter of 2019 and it was driven largely by strong expansion in the extractive sector, just as we saw in the second quarter of 2019,” government statistician Samuel Kobina Annim said.

Mining and quarrying contributed to the 9.3% growth in Ghana’s overall industry sector, while the gold sector climbed by 23.6% during the quarter for the third time in a row. Agriculture expanded 5.4%, but the services sector grew by 5.8%, according to Annim.

However, the cocoa sector shrank by 26.2% for the fourth consecutive quarter, underscoring the effects of a persistent drop in crop output brought on by disease and unfavourable weather.

The West African state is benefiting further from the economic recovery as it restructures its debt. After striking a preliminary restructuring agreement with two bondholder groups, it has extended an invitation to holders of its about $13 billion worth of international bonds to exchange their holdings for new instruments.

Bondholders can accept the offer until September 30. However, there will be a 1% consent fee for those who accept it before an early deadline of September 20.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

17 hours 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.”