Finance Minister Dr. Mohammed Amin Adam has indicated that for the first half of 2024, the trade balance (economic measure that represents the difference between the value of a country’s exports and imports of goods and services) recorded a provisional surplus of US$1.81 billion.
According to the Finance Minister, this was the result of a larger increase in exports which outweighed the increase in imports.
This is higher than the outturn of US$1.60 billion recorded in the corresponding period of 2023.
He made this information known to the entire country when he delivered the 2024 Mid-Year Budget Review on the floor of Parliament on Tuesday, July 2023.
The improved trade surplus resulted in larger current account surplus of US$1.28 billion (1.5 percent of GDP) in the first half of 2024.
“This compares with a Current account surplus of US863.0 million (1.1 percent of GDP), registered in the same period a year ago,” Dr Amin further revealed to the House.
He also noted that developments in Ghana’s external sector in 2023 was marked by a general reduction in external payments, resulting in a Current account surplus and reduced Capital & Financial account outflow.
“Consequently, the overall Balance of Payments recorded a surplus of US$461.6 million. The current account improved to a surplus of US$1.41 billion, driven by a strong growth in remittances as the reforms in the Fintech ecosystem started to yield positive results,” he added.