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Remittance inflows soar to $3.2 billion in Q3 2023

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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.

This stands in stark contrast to the $1.8 billion deficit registered in the corresponding period of 2022.

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.com

Jeorge Wilson Kingson is the Managing Editor of ArtCraft Media Consult (Publishers of GhanaNewsOnline.com.gh and BusinessweekGhana.com), and a consulting Editor for The Corporate Guardian Magazine. He is the Chairman of the Media Alliance in Tobacco Control and Health (MATCOH). He is also the National Coordinator for the International Standards Journalism Association (ISJA) and the National Online Newsportals Coordinator for the Private Newspaper and Online Newsportals Publishers Association of Ghana (PRINPAG). He is a senior member of Ghana's Parliamentary Press Corps. He is the ACS Global Cancer Ambassador for Ghana and a Peace Advocate

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