Ghana’s gross reserves stood at 1.0 month of import cover in August 2023; trade surplus hits $2.016bn – BoG
Ghana Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund stood at $2.08 billion in August 2023, about 1.0 month of import cover.
According to the Bank of Ghana’s September 2023 Summary of Economic and Financial Data, the reserves grew from $1.406 billion (0.7 months of import cover) in April 2023 to $2.162 billion (1.0 month of import cover) in May 2023 and $2.235 billion in June 2023 (1.0 month of import cover) respectively.
It stood at $2.239 billion (1.0 month of import cover) in July 2023 and $2.089 billion (1.0 month of import cover) in August 2023 correspondingly.
Trade surplus hits $2.016 billion in August 2023
Meanwhile, the country recorded an increase in its trade surplus to $2.016 billion in August 2023, approximately 2.6% of Gross Domestic Product (GDP).
This is higher than the $1.562 billion (2.1% of GDP) registered during the same period in 2022.
According to the data from the Bank of Ghana, total exports as of August 2023 was estimated at $10.766 billion, whilst total imports stood at $8.749 billion.
Gold continued to dominate the total value of exports, recording $4.672 billion in Augsut 2023, higher than the $4.226 billion recorded during the same period last year.
Crude oil exports came second. It brought in $2.374 billion in August 2023, compared to $3.829 billion in June 2023.
Proceeds from cocoa as of August 2023 stood at $1.606 billion, as against $1.619 billion a year ago.
Source: Ghana News
