Friday, 23 February

Q3-2023: FDIs fall US$926 million from US$1.1 billion in 2022 - BoG

News
Bank of Ghana (BoG)

Foreign direct investment, by the end of the third quarter, moderated to US$926 million from US$1.1 billion in 2022, the Bank of Ghana has revealed at its last monetary policy committee meeting on Monday, 27 November 2023.

Within the same period, Governor Ernest Addison said the capital and financial accounts are benefitting from reduced portfolio outflows and lower amortisation payments.

The capital and financial accounts recorded a net outflow of US$1.5 billion in the review period, slightly lower than the net outflow of US$1.6 

billion a year earlier, due to lower portfolio payments and reduced government amortisation. 

In the period, portfolio outflows reduced to US$195 million compared with US$1.9 billion a year earlier. 

Also, government loan amortisation declined by 41.7 per cent to US$523 million, mainly due to the debt standstill. 

He said the "favourable developments in the current, and the capital and financial accounts impacted positively on the balance of payments". 

By the end of the third quarter, he said the trade surplus, the current account surplus, and the lower capital outflows helped lower the overall balance of payments deficit to US$617 million in the third quarter of 2023 from a deficit of US$3.4 billion in the third quarter of 2022.

Source: classfmonline.com