In the initial two months of 2024, Ghana’s Gross International Reserves (GIR), excluding Encumbered Assets and Petroleum Fund, experienced a notable 9.99% increase, reaching $4.02 billion by February 2024. This amount is equivalent to providing a cover for 1.8 months of imports.
Throughout this period, the country’s reserves showed consistent growth, with a slight decline noted in February 2024 from the peak of $4.17 billion recorded in January 2024, compared to December 2023’s $3.66 billion.
According to the Bank of Ghana’s March 2024 Economic and Financial Data Summary, Ghana’s trade surplus in February 2024 amounted to $392.8 million, representing 0.5% of the Gross Domestic Product (GDP). This is a decrease from the $862.5 million surplus (1.1% of GDP) recorded in February 2023.
Export figures reveal that total exports in February 2024 were estimated at $2.86 billion, while total imports stood at $2.47 billion. Gold maintained its lead among exports, with a value of $1.26 billion, followed by crude oil exports at $619.8 million.
Cocoa export proceeds decreased to $508.4 million due to lower volumes and prices. Other exports, including non-traditional ones, saw a marginal decrease to an estimated value of $479.5 million in February 2024.
Source: Ghanaweb