In the first two months of 2024, Ghana’s Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund increased by 9.99% to $4.02 billion in February 2024, equivalent to 1.8 months of import cover.
Gross international reserves are defined as the US dollar value of holdings of foreign exchange, special drawing rights, reserve position in the IMF, and gold at the end of a given period.
The GIR stood at $3.66 billion in December 2023, representing 1.7 months of import cover. It rose to $4.17 billion in January 2024 but declined slightly to $4.02 billion in February 2024.
The Bank of Ghana’s March 2024 Summary of Economic and Financial Data shows that the country’s reserves have been growing consistently, albeit slightly, since August 2023.
However, the country’s trade surplus was $392.8 million in February 2024, about 0.5% of Gross Domestic Product (GDP), lower than the $862.5 million (1.1% of GDP) recorded during the same period in 2023.
Total exports in February 2024 were estimated at $2.86 billion, while total imports stood at $2.47 billion. Gold remained the dominant export, with an export value of $1.26 billion in February 2024, benefiting from both volume and price increases.
Crude oil exports were the second-highest, bringing in $619.8 million as of February 2024, compared to $551.3 million in February 2023. Cocoa export proceeds in February 2024 stood at $508.4 million, lower than the $711.5 million a year ago, due to lower 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.