Ghana’s Gross International Reserves (GIR), excluding Encumbered Assets and Petroleum Fund, has improved by almost 10 percent (9.99%) to record US$4.02 billion by February 2024 compare to the US$3.66 billion recorded as at December 2023.
With Gold contributing significantly as a dominant export commodity, fetching US$1.26 billion of the $4.02 billion, reflecting both increased volume and price compared to the preceding year.
The current figure translates to 1.8 months of import cover, as reported by the Bank of Ghana’s March 2024 Summary of Economic and Financial Data.
The country’s reserves have exhibited consistent albeit modest growth since August 2023, according to the Bank of Ghana’s data.
Simultaneously, Ghana’s trade surplus in February 2024 amounted to $392.8 million, equivalent to 0.5% of Gross Domestic Product (GDP), a decrease from the $862.5 million (1.1% of GDP) recorded during the same period in 2023.
Exports in February 2024 totalled $2.86 billion, while imports stood at $2.47 billion.
Gold remained a dominant export, fetching $1.26 billion, reflecting both increased volume and price compared to the preceding year.
Crude oil exports followed closely, generating $619.8 million, up from $551.3 million in February 2023.
However, cocoa proceeds in February 2024 amounted to $508.4 million, a decline from $711.5 million in the previous year due to reduced volumes and prices.
Other exports, including non-traditional exports, marginally decreased to an estimated value of $479.5 million in February 2024 compared to $480.0 million a year ago.
