Ghana gross reserves increased to $6.59bn in April 2024; trade balance records lower surplus

Gross international reserves position remained strong in the first four months of 2024.

According to the Bank of Ghana, the stock of Gross International Reserves increased to $6.59 billion in April 2024 representing 3.0 months of import cover, compared with $5.91 billion (2.7 months of import cover) at end-December 2023.

The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.32 billion, compared with $3.66 billion at end-December 2023.

Meanwhile, the balance of trade recorded a lower surplus of $744.3 million for the first four months of the year, compared to a surplus of $1.39 billion in the corresponding period of last year.

Total exports increased by 4.9% to $5.83 billion driven mainly by significant growth in gold exports and a modest increase in crude oil exports.

Earnings from gold exports increased by 37.0% to $2.97 billion, due to higher volumes of exports from small-scale gold production.

The value of crude oil exports, in comparison, increased by 9.4% to $1.27 billion, on the back of both volume and price increases.

Exports of cocoa, both beans and products, dropped by 49.0% to $599.3 million.

Other exports, including non-traditional exports, also decreased by 6.0% to $981.8 million.

Total imports increased by 22.2% to $5.08 billion, driven mainly by non-oil imports which went up by 31.2% to $3.53 billion, while oil imports increased by 5.6% to $1.55 billion.