Latest Economic Figures for Ghana – July 2024

Ghana’s economic landscape in July 2024 shows a mix of growth and challenges across various sectors. Here are the latest economic figures:

Table of Contents

GDP and Growth

Provisional GDP Growth Rate for Q1 2024: 4.7% (compared to 3.1% in Q1 2023)
Annual Growth of the Composite Index of Economic Activity (CIEA): 13.8% in June 2024 (compared to 13.7% in June 2023)

Inflation

Consumer Price Index (CPI): 226.4 in June 2024, reflecting a year-on-year inflation rate of 22.8% (down from 42.5% in June 2023)
Food Price Index: 250.5 in June 2024, with a year-on-year inflation rate of 24.0% (down from 54.2% in June 2023)
Non-Food Price Index: 207.9 in June 2024, with a year-on-year inflation rate of 21.6% (down from 33.4% in June 2023)

Interest Rates

Monetary Policy Rate: 29.00% in June 2024 (down from 29.50% in June 2023)
Interbank Weighted Average: 28.80% in June 2024 (up from 26.01% in June 2023)
Ghana Reference Rate: 29.44% in June 2024 (up from 26.89% in June 2023)
Average Lending Rate: 31.10% in June 2024 (slightly down from 31.15% in June 2023)
4-Year Bond (Post-DDEP): 22.06% in June 2024 (up from 11.98% in June 2023)
15-Year Bond (Post-DDEP): 26.42% in June 2024 (up from 14.89% in June 2023)

Foreign Exchange Rates

USD/GHS: 14.7811, representing a 19.6% depreciation in 2024
GBP/GHS: 19.1009, representing a 20.8% depreciation in 2024
EUR/GHS: 16.0938, representing an 18.4% depreciation in 2024
Real Effective Exchange Rate (REER) Index: 141.0 in June 2024 (up from 130.9 in June 2023)

External Sector Developments

Total Exports: US$9.23 billion as of June 2024 (up from US$8.14 billion in June 2023)
Gold Exports: US$5.04 billion (54.6% of total exports) (up from US$3.44 billion in June 2023)
Cocoa Exports: US$760 million (8.2% of total exports) (down from US$1.45 billion in June 2023)
Oil Exports: US$1.98 billion (21.4% of total exports) (up from US$1.66 billion in June 2023)
Total Imports: US$7.42 billion as of June 2024 (up from US$6.54 billion in June 2023)
Oil Imports: US$2.3 billion (31% of total imports) (up from US$2.17 billion in June 2023)
Trade Surplus: US$1.8 billion (2.1% of GDP)
Current Account Surplus: US$1.28 billion (1.5% of GDP)

Fiscal and Debt

Budget Deficit: 1.6% of GDP as of June 2024 (down from a 0.1% surplus in June 2023)
External Debt: US$31 billion (GH¢452bn) (43% of GDP) (up from US$29.8 billion in June 2023)
Domestic Debt: GH¢290 billion (27.6% of GDP) (up from GH¢255 billion in June 2023)
Total Public Debt: GH¢742 billion (70.6% of GDP) (up from GH¢583.1 billion in June 2023)

Banking and Financial Sector

Non-Performing Loans (of banks): 24.1% as of June 2024 (up from 18.7% in June 2023)
Return on Assets (of banks) – Before Tax: 5.4% as of June 2024 (down slightly from 5.5% in June 2023)
Active Mobile Money Accounts: 24.4 million as of June 2024 (up from 22.1 million in June 2023)

International Reserves

Gross International Reserves: US$6.87 billion (3.1 months of import cover) as of June 2024 (up from US$5.34 billion and 2.5 months in June 2023)
Net International Reserves: US$4.5 billion as of June 2024 (up from US$2.33 billion in June 2023)
Balance on the Petroleum Holding Funds (Stabilisation Fund & Heritage Fund): US$1.3 billion (up from US$1.1 billion in June 2023)

Nominal GDP

Nominal GDP: GH¢1,051 billion as of June 2024 (up from GH¢841.6 billion in June 2023)

Bank of Ghana Confidence Surveys

Consumer Confidence Index: 81.2 in June 2024 (down from 87.5 in June 2023)
Business Confidence Index: 88.8 in June 2024 (up from 80.0 in June 2023)

Capital Market Performance

GSE Composite Index: 3829.6 as of June 2024, with a 22.3% year-to-date return
GSE Financial Index: 2115 as of June 2024, with an 11.2% year-to-date return

Ghana’s economy exhibits positive growth and an improved external sector, with notable gains in exports and international reserves. However, challenges remain in managing inflation, public debt, and non-performing loans within the banking sector.