Ghana's trade balance increases to $2.058 as of October 2023

Ghana’s trade balance has increased to US$2.058 billion as of October 2023, representing 2.7% of Gross Domestic Product (GDP).

This was contained in the Bank of Ghana’s November 2023 Summary of Economic and Financial Data.

The data showed that the country’s trade balance increased by US$310 million between July and October.

This means Ghana’s trade balance grew by about 16 percent from the US$1.75 billion recorded in July 2023.

On a year-on-year basis, this is indicative that this new trade balance represents a 10 percentage points increase from the US$1.85 billion recorded in October 2022.

Total exports as of October stand at US$13.45 billion, from the US$11.47 billion observed in July 2023.

In the same period last year, total exports stood at US$14.36 billion, representing a 6.5% drop in comparison to this year’s figure.

Gold is still the highest contributor to exports raking in $6.07 billion, followed by crude oil exports which totaled $3.06 billion in October 2023, and cocoa with $1.70 billion.

Ghana’s balance of payment remained negative as of September 30 with a balance of payment deficit of $617 million representing 0.8% of GDP.

The current account balance stands at $1.04 billion representing 1.4% of GDP.

The Capital and Financial Account Balance was $1.47 billion in deficit.

Gross International Reserves were $5.15 billion in October 2023, equivalent to nearly Net International Reserves amounting to US$2.15 billion.

This is indicative of 2.4 months of import cover.

SSD/MA

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