Ghana records $2.6bn positive trade balance as exports hit $16.6 billion at end-2023
Total exports at end-December 2023 stood at $16.6bn.
This compares favourably to the total imports value of $14bn at end-December 2023.
The difference between the country’s exports and imports within the review period resulted in a positive trade balance of $2.6bn.
The positive trade balance accounted for 3.4% of GDP, an improvement on the 2.7% of GDP recorded in the previous month – November 2023.
This is per the January 2024 Summary of Economic and Financial Data released by the Bank of Ghana.
Gold, cocoa and oil accounted for a chunk of Ghana’s exports with gold and cocoa contributing $7.6bn and $2.1bn respectively to total export value.
Oil exports accounted for $3.8bn of total exports value with other exports accounting for the remaining $3bn.
With regards to imports, oil and non-oil imports accounted for $3.6bn and $7.7bn of total import value.
Growth in exports contributed to an increase in the country’s the gross international reserves which stood at $5.1bn at end-October 2023 from $4.9bn at end-September 2023.
Growth in gross international reserves led to a marginal increase in the country’s import cover from 2.3 months in September to 2.4 months in October.
Net International Reserves of the country however stands at $2.1bn, also a marginal increase from the $2bn recorded in September 2023.
So why are we still suffering if the economy is doing this well? The thievery and corruption in government and its apparatus which has permeated into the broader society.