The latest economic figures for Ghana as of July 2024 are as follows:
GDP and Growth
- Provisional GDP growth rate for Q1 2024: 4.7%. [Q1 2023 was 3.1%]
- Annual growth of the Composite Index of Economic Activity (CIEA) was 13.8% in June 2024. [13.7% in June 2023]
Inflation
- Consumer Price Index (CPI): The CPI for June 2024 was 226.4, reflecting a year-on-year inflation rate of 22.8%. [42.5% in June 2023]
- Food Prices: The food price index for June 2024 was 250.5, with a year-on-year inflation rate of 24.0%. [54.2% in June 2023]
- Non-Food Prices: The non-food price index for June 2024 was 207.9, with a year-on-year inflation rate of 21.6%. [33.4% in June 2023]
Interest Rates
- Monetary Policy Rate: 29.00% in June 2024. [29.50% in June 2023]
- Interbank Weighted Average: 28.80% in June 2024. [26.01% in June 2023]
- Ghana Reference Rate: 29.44% in June 2024. [26.89% in June 2023]
- Average Lending Rate: 31.10% in June 2024. [31.15% in June 2023]
- 4-Year Bond (Post-DDEP): 22.06% in June 2024. [11.98% in June 2023]
- 15-Year Bond (Post-DDEP): 26.42% in June 2024. [14.89% in June 2023]
Foreign Exchange Rates
- USD/GHS: 14.7811, 19.6% depreciation in 2024.
- GBP/GHS: 19.1009. 20.8% depreciation in 2024.
- EUR/GHS: 16.0938, 18.4% depreciation in 2024.
- Real Effective Exchange Rate (REER) Index: 141.0 in June 2024. [130.9 in June 2023]
External Sector Developments
- Total Exports: US$9.23 billion as at June 2024 [US$8.14 billion, June 2023]
- Gold Exports: US$5.04 billion (54.6%). [US$3.44 billion, June 2023]
- Cocoa Exports: US$760 million (8.2%). [US$1.45 billion, June 2023]
- Oil Exports: US$1.98 billion (21.4%). [US$1.66 billion, June 2023]
- Total Imports: US$7.42 billion. [US$6.54 billion, June 2023]
- Oil Imports: US$2.3 billion (31%). [US$2.17 billion, 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 at June 2024. [0.1% surplus as at June 2023]
- External Debt: US$31 billion (GH¢452bn) (43% of GDP). [US$29.8 billion as at June 2023]
- Domestic Debt: GH¢290 billion (27.6% of GDP). [GH¢255 billion as at June 2023]
- Total Public Debt: GH¢742 billion (70.6% of GDP). [GH¢583.1 billion as at June 2023]
Banking and Financial Sector
- Non-Performing Loans (of banks): 24.1% as at June 2024. [18.7%, June 2023]
- Return on Assets (of banks) – Before Tax: 5.4% as at June 2024. [5.5%, June 2023]
- Active Mobile Money Accounts: 24.4 million as at June 2024. [22.1 million, June 2023]
International Reserves
- Gross International Reserves: US$6.87 billion (3.1 months of import cover) as at June 2024. [June 2023 – $5.34 billion, 2.5 months]
- Net International Reserves: US$4.5 billion as at June 2024. [June 2023 – $2.33 billion]
- Balance on the Petroleum Holding Funds (Stabilisation Fund & Heritage Fund): US$1.3 billion. [June 2023 – $1.1 billion]
Nominal GDP
- Nominal GDP: GH¢1,051 billion as at June 2024. [GH¢841.6 billion as at June 2023]
Bank of Ghana Confidence Surveys:
- Consumer Confidence Index: 81.2 in June 2024. [87.5 in June 2023]
- Business Confidence Index: 88.8 in June 2024. [80.0 in June 2023]
Capital Market Performance
- GSE Composite Index: 3829.6 as at June 2024, 22.3% YTD return.
- GSE Financial Index: 2115 as at June 2024, 11.2% YTD return.