Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023.
This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP).
Overall exports were estimated to be $8.17 billion in the first half of the year.
Total imports were estimated to be $6.40 billion for the same period, which is less than the $7.40 billion recorded in June 2022.
These figures are from the Bank of Ghana’s Summary of Economic and Financial Data for July 2023.
However, according to the data, gold was the most significant contributor to exports. It contributed $3.45 billion in exports in June 2023, compared to $3.03 billion in June 2022.
Following closely were crude oil exports, which totaled $1.66 billion in June 2023, compared to $2.83 billion in June 2023.
Cocoa came in third with $1.48 billion, up from $1.41 billion the previous year.
Balance of Payment
However, Ghana’s balance of payment was negative as of June 30, according to the Central Bank’s report.
The country had a balance-of-payments deficit of $107.8 million which is about 0.1% of GDP.
It was also much lower than the $2.49 billion reported in June 2022.
In June 2023, the Capital and Financial Account Balance was $897.3 million in deficit.
In addition, Gross International Reserves were $5.34 billion in June 2023, equivalent to nearly 2.5 months of import cover.
Net International Reserves amounted at US$ 2.33 billion, down from US$ 3.58 billion in June 2022.
Source: Ghana Business
