Latest Economic Figures for Ghana – May 2024

  1. Provisional GDP growth rate for 2023 is 2.9%.
  2. Inflation for May 2024 is 25%.
  3. Monetary policy rate is 29%.
  4. Interbank lending rate was 28.68% for April 2024.
  5. Average lending rate was 31.25% for April 2024.
  6. Total Exports as at April 2024 was US$5.83 billion. Gold Exports US$2.97 billion (51%). Cocoa Exports US$599 million (10.2%). Oil Exports US$1.27 billion (21.9%).
  7. Total Imports as at April 2024 was US$5.08 billion. Oil imports was US$1.55 billion (30.5%).
  8. Trade surplus as at April 2024 was US$744.3 million (0.9% of GDP).
  9. Current account surplus as at March 2024 was US$372 million (0.4% of GDP).
  10. Budget deficit as at April 2024 was 2.6% of GDP.
  11. External debt as at February 2024 was US$30.6 billion (GH¢380bn) (31.6% of GDP).
  12. Domestic debt as at February 2024 was GH¢278.7 billion (26.5% of GDP).
  13. Total Public debt as at February 2024 was GH¢658.6 billion (62.7% of GDP).
  14. Non-Performing loans (of banks) as at April 2024 was 25.7%.
  15. Active mobile money accounts were 23.9 million as at April 2024.
  16. Gross International reserves were US$6.59 billion as at April 2024 (3 months of import cover).
  17. Net International reserves were US$3.99 billion as at April 2024. (2 months of import cover)
  18. Balance on the Petroleum Holding Funds (Stabilisation Fund & Heritage Fund) is $1.22 billion as at April 2024.
  19. Nominal GDP is GH¢1,051 billion.

Data Sources: Bank of Ghana, GSE, GSS

Leave a Reply