Major trade commodities
The Bank of Ghana has indicated that the country recorded a trade surplus of $1.77 billion in the first half of 2023, approximately 2.4% of Gross Domestic Product (GDP).
The Central Bank explained that the figure is higher than the $1.47 billion (2.0% of GDP) registered during the same period last year (2022).
This is according to Central Bank’s July 2023 Summary of Economic and Financial Data.
The Bank said total exports as of June 2023 was estimated at $8.17 billion, whilst total imports stood at $6.40 billion.
Gold continued to dominate the total value of exports, recording $3.45 billion in June 2023, higher than the $3.03 billion recorded during the same period last year.
Crude oil exports came second bringing in $1.66 billion in June 2023, compared to the $2.83 billion in June 2023.
Proceeds from cocoa first six months of 2023 stood at $1.48 billion, as against $1.41 billion a year ago.
Total imports stood at $6.40 billion in the first six months of 2023, lower than $7.40 billion during the same period last year.
The country’s Balance of Payment at the end of June 2023 showed a deficit of $107.8 million, approximately 0.1% of GDP.
This is far lower than the deficit of $2.49 billion recorded during the same period in 2022.
Capital and Financial Account Balance stood at a deficit of $897.3 million in June 2023.
The negative Capital and Financial Account Balance was a result of a net portfolio of investments outflow.
The current account balance however stood at $849.2 million, about 1.1% of GDP in April 2023.
Meanwhile, Gross International Reserves stood at $5.34 billion in June 2023, about 2.5 months of import cover; lower than $7.68 billion recorded in June 2022.
By Jamila Akweley Okertchiri