Ghana’s trade balance recorded a surplus of a higher $1.805 billion for the first half of 2024, compared to a surplus of $1.602 billion in the corresponding period of last year. According to the Bank of Ghana (BoG), total exports increased by 13.33% year-on-year to $9.22 billion in June 2024 driven mainly by significant growth in gold exports and a modest increase in crude oil exports. Addressing pressmen for the 119th Monetary Policy Committee (MPC) meetings, the BoG Governor, Dr. Ernest Addison, disclosed that the country’s earnings from gold exports increased by 46.4% year-on-year to $5.04 billion in June 2024. The value of gold exports increased by 46.4 percent to US$5.04 billion, while earnings from crude oil exports, from the US$1.7 billion in the same period last year. The value of crude oil exports, in comparison, increased to US$2.0 billion oil exports, from the US$1.7 billion in the same period last year. “In contrast, cocoa exports, both beans and products, declined by 47.4 percent to US$760.0 million in the first half of 2024, from US$1.45billion in the first half of 2023. Other exports, including non-traditional exports, also declined by 8.7 percent to US$1.5 billion over the same comparative period,” he said. Total imports increased by to $7.423 billion in June 2024, compared to $6.538 billion in June 2023.

International reserves

Dr. Addison further disclosed that the country’s gross international reserves position remained strong in the first half of 2024. According to the Bank of Ghana, the stock of Gross International Reserves increased by $275 million $6.865 billion in June 2024, compared to $5.344 billion during the same period in 2023. This represented 3.1 months of import cover. The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.522 billion in June 2024, from $4.32 billion in April 2024. The net international reserves was however slightly lower at $4.500 billion, as against $2.332 billion a year ago.