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In the first four months of 2023, Ghana achieved a trade surplus of $1.6 billion, equivalent to approximately 2.2% of its Gross Domestic Product (GDP). The surplus marks an increase from the trade surplus of $1.15 billion (1.6% of GDP) recorded during the same period last year.
According to the May 2023 Summary of Bank of Ghana’s Economic and Financial Data, total exports in April 2023 were estimated at $5.64 billion, while total imports amounted to $4.04 billion.
The export sector was led by gold, which contributed $2.17 billion in April 2023, surpassing the $1.84 billion recorded during the same period in the previous year. Cocoa took the second spot, overtaking crude oil, with export earnings of $1.25 billion in the first four months of 2023 compared to $1.03 billion a year ago.
In April 2023, crude oil exports generated $1.17 billion, a decrease from $1.85 billion in April 2022. On the import side, oil imports accounted for $1.20 billion in April 2023, while non-oil imports totaled $2.84 billion.
Although the country’s balance of payments remained negative, there has been improvement. As of March 2023, the deficit stood at $353 million, approximately 0.5% of GDP, significantly lower than the deficit of $934 million recorded during the same period in 2022.
In April 2023, the Capital and Financial Account Balance showed a deficit of $955 million, compared to a deficit of $451 million in March 2023. The negative balance was attributed to a net outflow of portfolio investments.
However, the current account balance for April 2023 was positive, reaching $661.4 million, approximately 0.9% of GDP. Gross reserves amounted to 2.4 months of import cover, while Gross International Reserves stood at $5.21 billion in April 2023.
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Source: Omanghana.com
