Ghana'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.
Trade balance records higher surplus of $1.805bn
Meanwhile, the balance of trade 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.
Total exports increased by 13.33% year-on-year to $9.22 billion in June 2024. This was driven mainly by significant growth in gold exports and a modest increase in crude oil exports.
Earnings from gold exports increased by 46.3%% year-on-year to $5.041 billion in June 2024.
The value of crude oil exports, in comparison, increased by 19.38% to $1.981 billion, on the back of both volume and price increases.
Exports of cocoa, both beans and products, dropped by 47.7% to $760.o million in June 2024.
Other exports, including non-traditional exports, also decreased slightly to $1.445 billion in June 2024.
Total imports increased by to $7.423 billion in June 2024, compared to $6.538 billion in June 2023.
Credit: Joy Business
