Ghana’s trade surplus soars to $1.6bn
According to the May 2023 Summary of Economic and Financial Data by the Bank of Ghana, Ghana recorded a trade surplus of $1.6 billion in the first four months of 2023, which is approximately 2.2% of its Gross Domestic Product (GDP). This trade surplus is higher than the $1.15 billion (1.6% of GDP) recorded during the same period in the previous year.
In terms of exports, the total value of exports as of April 2023 was estimated at $5.64 billion. Gold remained the dominant export, with a value of $2.17 billion in April 2023, compared to $1.84 billion during the same period last year. Cocoa took the second position, surpassing crude oil, with export proceeds of $1.25 billion in the first four months of 2023, as opposed to $1.03 billion a year ago.
Crude oil exports brought in $1.17 billion in April 2023, lower than the $1.85 billion recorded in April 2022. In terms of imports, oil imports accounted for $1.20 billion in April 2023, while non-oil imports totaled $2.84 billion.
The country’s Balance of Payment, as of the end of March 2023, showed a deficit of $353 million, approximately 0.5% of GDP. However, this deficit is significantly lower than the deficit of $934 million recorded during the same period in 2022.
The Capital and Financial Account Balance had a deficit of $955 million in April 2023, compared to a deficit of $451 million in March 2023. This negative balance was primarily due to a net outflow of portfolio investments.
On the other hand, the current account balance stood at $661.4 million, approximately 0.9% of GDP in April 2023.
Gross International Reserves, which indicate the country’s ability to cover imports, stood at $5.21 billion in April 2023, providing approximately 2.4 months of import cover.
