Ghana recorded a trade surplus of $1.77 billion in the first half of 2023, approximately 2.4% of Gross Domestic Product (GDP).

This is higher than the $1.47 billion (2.0% of GDP) registered during the same period last year

According to the July 2023 Summary of Economic and Financial Data by the Bank of Ghana, total exports as of June 2023 was estimated at $8.17 billion, whilst total imports stood at $6.40 billion.

Gold continued to dominate the total value of exports, recording $3.45 billion in June 2023, higher than the $3.03 billion recorded during the same period last year.

Crude oil exports came second. It brought in $1.66 billion in June 2023, compared to $2.83 billion in June 2023.

Proceeds from cocoa first six months of 2023 stood at $1.48 billion, as against $1.41 billion a year ago.

Total imports stood at $6.40 billion in the first six months of 2023, lower than $7.40 billion during the same period last year.

Balance of payment still negative but improves remarkably

The country’s Balance of Payment at the end of June 2023 showed a deficit of $107.8 million, approximately 0.1% of GDP.

This is far lower than the deficit of $2.49 billion recorded during the same period in 2022.

Capital and Financial Account Balance stood at a deficit of $897.3 million in June 2023.

The negative Capital and Financial Account Balance was a result of a net portfolio of investments outflow.

The current account balance however stood at $849.2 million, about 1.1% of GDP in April 2023.

Gross reserves stood at 2.4 months of import cover

Meanwhile, Gross International Reserves stood at $5.34 billion in June 2023, about 2.5 months of import cover.

This lower than $7.68 billion recorded in June 2022.