According to the latest data from the Bank of Ghana (BoG), Ghana experienced a $310 million increase in its trade balance between July and October.
This signifies a growth of approximately 16% from the recorded $1.75 billion in July 2023, bringing the total trade balance for the country to $2.058 billion as of October 2023.
This amount represents 2.7% of the Gross Domestic Product (GDP), as outlined in the Bank of Ghana’s November 2023 Summary of Economic and Financial Data.
On a year-on-year basis, this updated trade balance reflects a 10-percentage-point rise from the $1.85 billion recorded in October 2022.
Presently, the total exports for the country amount to $13.45 billion, an increase from the $9.47 billion observed in July 2023 but a 6.5% decrease compared to the $14.36 billion recorded in October 2022.
Gold remains the primary contributor to exports, contributing $6.07 billion in October 2023, compared to $4.02 billion in July 2023.
Following closely are crude oil exports, totaling $3.06 billion in October 2023, compared to $2.04 billion in July 2023. Cocoa comes in third with $1.70 billion, up from the $1.54 billion recorded in July of the same year.
Balance of Payment:
As of September 30, Ghana’s balance of payment remained negative.
The country reported a balance-of-payments deficit of $617.0 million, approximately 0.8% of GDP. The Capital and Financial Account Balance showed a $1.47 billion deficit.
Additionally, Gross International Reserves in October 2023 were $5.15 billion, equivalent to Net International Reserves amounting to nearly $2.15 billion.
