We have already experienced positive developments across five markets where physical goods GMV is growing year-on-year for two consecutive quarters despite significantly reduced marketing expenditures. Moving on to technology and content. Tech and content expense reached $9.9 million in Q4 ’23, down 28% year-on-year both as reported and on a constant currency basis. While we have meaningfully reduced cost in the last year, we remain committed to driving further savings in the future. Our efforts to rationalize infrastructure and software costs and staff structure are ongoing and we see additional opportunities for efficiency. These include locating an increased share of our developers and tech personnel in Africa closer to our customers and sellers.
Technology is a core part of our DNA and we remain committed to developing better products and features to improve the experience of all participants on our platform. G&A expense, excluding share based compensation reached $12.3 million in Q4 ’23, down 62% year-on-year and 54% on a constant currency basis. This decrease was primarily driven by a significant reduction in tax provisions, including a $9 million beneficial impact from a provision released during the quarter. The staff cost within our G&A expense, excluding share based compensation expense, decreased by 17% year-on-year as we captured further efficiency gains to the organizational changes that have been implemented. Moving on to balance sheet and cash flow items. CapEx in Q4 ’23 was 0.8 as we remain committed to an asset light model.
Our liquidity position reached $120.6 million, comprised of $35.5 million in cash and cash equivalent and $85.1 million in term deposits and other financial assets. Our liquidity position in Q3 ’23 amounted to $147.4 million, which marks a decrease of $26.8 million in Q4 ’23 compared to a decrease of $57.3 million in Q4 ’22 and a decrease of $18.9 million in Q3 ’23. Our liquidity position at the end of ’22 was $227.4 million, which marks a decrease of $106.9 million in 2023 compared to a decrease of $285.4 million in ’22. The reduction in the pace of the decrease of our liquidity illustrates our efforts to preserve our available cash resources. Foreign exchange has been a significant headwind to our liquidity position, contributing to a negative impact of $3.2 million in Q4 ’23 compared to a negative impact of $2.1 million in Q4 ’22.
The negative impact of foreign exchange movements on our reported liquidity position amounted to $18.2 million in ’23 compared to $8.8 million in ’22. Net cash flow used in operating activities reached $10.3 million in Q4 ’23, down by 80% compared to the same period in ’22. I now hand over to Francis, who will walk you through our guidance.
Francis Dufay: Thanks Antoine. Considering the strong progress made over the latest quarters, we are committed to reducing our losses and accelerating our progress towards cash efficiency and profitable growth. Looking at 2024 first, we aim to further reduce our cash utilization compared to 2023. Second based on the positive impact of our growth strategy, we project an increase in both orders and gross merchandise value, GMV, in 2024, excluding potential foreign exchange impact. In a nutshell, our medium-term strategy remains focused on getting to the appropriate cost base with a view to breaking even with top line growth that we can attain. Top line growth will come from building a stronger value proposition and will not happen at the expense of efficiency.
We believe that our strategy is the most relevant for our markets and that consistent and quick execution is critical. More than ever, we believe that we are well positioned to capture the opportunity of e-commerce on the African continent in a profitable manner. With that, we are ready to take questions.
Operator: Okay, we will open the floor for questions. [Operator Instructions] Okay, we don’t appear to have any questions in the queue. I can now hand back over to Francis and Antoine for any closing comments.
Francis Dufay: I think we’re done. Thank you everyone for attending.
Operator: Thank you very much, everybody. This does conclude today’s conference. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.
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