Ghana has reported a noteworthy milestone in its economic landscape, with export earnings soaring to an impressive US$16.6 billion in the year 2023.
Concurrently, the nation’s import expenditure amounted to an estimated US$14 billion during the same period.
These figures, released by the Bank of Ghana, underscore the country’s dynamic role in global commerce and highlight the significance of its trade relationships on the international stage.
According to ghanaweb.com, the Bank of Ghana’s Summary of Macroeconomic and Financial Data for January 2024, showed the current earnings of the country.
This is however an increase from the $14.9 billion of exports and $12.8 billion of imports recorded in November last year.
However, the value of total exports in December 2023 was lower than the $17.4 billion in the same month last year.
According to the Central Bank’s data, the country had a positive trade balance of $2.6 billion in December 2023, which was 3.4% of GDP. This was higher than the 2.7% of GDP in November 2023.
Gold and cocoa were the main export commodities, with US$7.6 billion and US$2.1 billion respectively.
Oil exports were US$3.8 billion, while other exports were US$3 billion.
On the import side, oil and non-oil imports were US$3.6 billion and US$7.7 billion respectively.
The growth in exports increased the country’s gross international reserves from US$4.9 billion in September 2023 to US$5.1 billion in October 2023.
This also increased the country’s import cover slightly from 2.3 months in September to 2.4 months in October 2023.
The country’s net international reserves also rose slightly from US$2 billion in September 2023 to US$2.1 billion in October 2023.
