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Gross Reserves Surge to $8.9 Billion in December 2024, Equivalent to 4 Months Import Cover 

7 months ago
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Gross Reserves Surge to $8.9 Billion in December 2024, Equivalent to 4 Months Import Cover 

Ghana’s gross international reserves rose significantly by US$1.101 billion in December 2024 to reach US$8.982 billion, equivalent to 4.0 months of import cover. This marks a substantial improvement in the country’s external financial position.

Data from the Bank of Ghana’s Summary of Economic and Financial Data shows the reserves stood at US$6.31 billion in January 2024 but dropped to US$5.99 billion in March. The reserves later rebounded to US$6.59 billion in February and maintained a steady growth trajectory through the year.

The report attributes the strong reserve build-up to an improved external sector position, driven by a higher current account surplus and a reduction in net financial outflows.

Trade Balance Records Surplus Amid Export Growth
Ghana’s trade balance recorded a provisional surplus of US$4.980 billion in December 2024, compared to US$2.694 billion in the corresponding period of 2023. This improvement was largely fueled by a 21.06% increase in total exports, which amounted to US$20.22 billion.

Gold exports played a pivotal role, surging by 53.15% to US$11.64 billion in December 2024. However, other key export sectors experienced declines. Crude oil exports dipped marginally by 0.7% to US$3.86 billion, while cocoa exports fell sharply from US$2.152 billion in December 2023 to US$1.696 billion in December 2024. The decline in cocoa exports was attributed to adverse weather conditions and the impact of illegal mining activities (galamsey).

Rising Import Bill

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The country’s total import bill also increased, reaching US$15.24 billion in December 2024, up from US$14.008 billion in December 2023.

The improved trade performance, driven by higher gold exports and a controlled rise in imports, significantly contributed to Ghana’s external reserves growth, providing a stronger buffer for the economy.

Tags: 4 months import coverEquivalent to 4 Months Import Covergross reservesGross Reserves Surge to $8.9 Billion in December 2024

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