Data up to the third quarter of the year shows that remittance flows increased to US$3.2 billion compared with US$2.5 billion in the same period of 2022.

The same data also shows that the current account recorded a surplus of US$1.0 billion, in contrast to a deficit of US$1.8 billion recorded for the same period of 2022, the Bank of Ghana revealed at its last monetary policy committee meeting on Monday, 27 November 2023.

The central bank said the surplus was driven by "improvements in the trade account, a sharp drop in income payments, and strong growth in remittance inflows". 

The income account, the bank noted, "improved significantly on the back of the debt standstill, which led to a sharp decline in net income payments by 56 per cent to US$1.4 billion and in interest payments on public debt by 89.8 per cent to US$134 million compared with US$1.3 billion same time in 2022".