Ghana earns $9bn from exports in first six months of 2022
Exports to the rest of the world earned Ghana some $9bn within the first six (6) months of 2022.
Exports of the three traditional commodities (gold, cocoa and oil) in increased from $1.25bn in January 2022 to the recorded $9bn exports in June 2022.
Gold exports within the review period grew in value from $392m in January to $3.01bn in June.
Cocoa and oil exports also grew from $248m and $328m to $1.38bn and $2.83bn in January and June respectively.
Total imports according to the July 2022 Summary of Economic and Financial Data released by the Bank of Ghana (BoG), ended the month of June at a value of $7.56bn.
This is up from the recorded $1.13bn imports value recorded in January 2022.
Trade balance at the end of the first half of 2022, resulted in a surplus of $1.43bn (2% of GDP) on the back of higher export earnings from January to June.
Despite the recorded trade surplus of $1.43bn, Ghana’s Current Account Balance for the period under review posted a deficit of $1.09bn (1.5% of GDP).
The Current Account Balance measures both visible and invisible trade as well as foreign remittances received into the country.
The Current Account Balance deficit coupled with a deficit in the Capital and Financial Account ($1.28bn) within the same review period resulted in a Balance of Payment (BoP) deficit of $2.49bn (3.5% of GDP).
