In the first two months of 2024, Ghana experienced a significant increase in its Gross International Reserves (GIR), reaching $4.02 billion by February.
This marked a 9.99% rise from the previous year, excluding Encumbered Assets and Petroleum Fund.
According to the Bank of Ghana’s March 2024 Summary of Economic and Financial Data, this amount translates to 1.8 months of import cover. In December 2023, GIR stood at $3.66 billion, equivalent to about 1.7 months of import cover. By January 2024, the figure had increased to $4.17 billion before slightly declining to $4.02 billion in February.
The country’s reserves have been steadily growing since August 2023, as reported by the Bank of Ghana.
Furthermore, Ghana recorded a trade surplus of $392.8 million in February 2024, accounting for 0.5% of Gross Domestic Product (GDP), a decrease from the previous year’s $862.5 million, representing 1.1% of GDP. Exports in February 2024 amounted to $2.86 billion, with gold remaining a dominant export earning $1.26 billion. Crude oil exports generated $619.8 million, while cocoa proceeds declined to $508.4 million due to reduced volumes and prices.
Other exports, including non-traditional exports, showed a marginal decrease to an estimated value of $479.5 million in February 2024 compared to $480.0 million in the previous year.
Ghana’s trade balance and international reserves continue to be important indicators of the country’s economic performance.
Source: Apexnewsgh.com/Ghana
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