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Ghana records $2.6bn positive trade balance at the end of 2023

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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.

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