Ghana’s trade balance witnessed significant growth, reaching US$2.058 billion in October 2023, equivalent to 2.7% of the Gross Domestic Product (GDP).
According to the Bank of Ghana’s November 2023 Summary of Economic and Financial Data, the trade balance increased by US$310 million between July and October, marking a 16% rise from the July 2023 figure of US$1.75 billion.
This year-on-year growth represents a 10 percentage points increase from the US$1.85 billion recorded in October 2022.
Total exports for October amounted to US$13.45 billion, compared to US$11.47 billion in July 2023. However, there is a 6.5% decline in total exports compared to the same period last year when it stood at US$14.36 billion.
Gold remains the highest contributor to exports, bringing in $6.07 billion, followed by crude oil exports totaling $3.06 billion, and cocoa with $1.70 billion.
As of September 30, Ghana’s balance of payment remained negative with a deficit of $617 million, accounting for 0.8% of GDP.
The current account balance is at $1.04 billion, representing 1.4% of GDP. The Capital and Financial Account Balance reported a $1.47 billion deficit.
In October 2023, Gross International Reserves were $5.15 billion, indicating nearly Net International Reserves of US$2.15 billion and providing 2.4 months of import cover.