Ghana has recorded a trade surplus in its export sector for the first quarter of 2022, as exports outweighed imports by $1.33 billion, according to the Bank of Ghana’s Summary of Economic and Financial Data released recently.
According to a report by ghanaweb.com, this however was higher than the $1.107 billion recorded in the entire 2021, approximately 1.9% of Gross Domestic Product (GDP).
The Central Bank’s data suggested that total exports in the 4-months of 2021 were $6.10 billion while total imports were $4.77 billion.
This increase can be attributed to the increase in the price of crude oil on the world market and improved gold production in the country.
Gold dominated the total value of exports, recording $1.87 billion in April 2022, above the estimated $1.80 billion in the first four months of 2021.
This was followed by oil which recorded $1.85 billion in April 2022.
Cocoa exports, on the other hand, saw a decline to $1.11 billion in April 2022, from $1.29 billion in April 2021.