Ghana’s gross international reserves increased by $US1.101 billion in December 2024 to hit US$8.982 billion.
This is equivalent to 4.0 months of import cover.
According to data from the Bank of Ghana's Summary of Economic and Financial Data, the country’s reserves stood at $6.31 billion in January 2024 but dropped to $5.99 billion in March 2024.
It later shot up to $6.59 billion in February 2024 and continued on the same path into the year.
The report stated that the external sector position of the country improved remarkably in the year, supported by a higher current account surplus and a reduction in net financial outflows.
This led to a strong external reserve build-up.
Trade surplus hits $US4.98bn
Meanwhile, the country’s trade balance recorded a provisional surplus of US$4.980 billion in December 2024, higher than the surplus of US$2.694 billion recorded in the corresponding period of 2023.
The surplus was primarily driven by an increase in gold exports.
Total exports went up by 21.06% to US$20.22 billion in December 2024.
Notably, gold exports rose by 53.15% to US$11.64 billion in December 2024
On the other hand, oil and cocoa exports fell. Crude oil dropped by 0.7% to US$3.86 billion in December 2024 whilst cocoa exports also plummeted to US$1.696 billion in December 2024 from US$2.152 billion in December 2023, mainly due to challenges posed by extreme weather conditions and galamsey activities.
The total import bill increased to US$15.24.14 billion in December 2024 from US$14.008 billion in December 2023.
Latest Stories
-
Trump Trying To Force World’s Biggest News Org To Bend To His Will
42 minutes -
Hannah Acquah to spotlight local (African) investors at IFF Kigali 2025
52 minutes -
Bawumia highlights Ghana’s digital milestones at Harvard University
1 hour -
Fourth Industrial revolution: A necessity for Africa’s survival and prosperity in the 21st century – Bawumia
2 hours -
Re- Imposition of Curfew on Walewale and its Environs in the North East Region
3 hours -
Kosmos Energy hands over newly built, equipped clinic to Senya SHS
3 hours -
Health Minister asks ‘rude and unprofessional’ nurses to shape up or ship out
3 hours -
Re-tool Technical Colleges of Education to promote technical and vocation education – AKATSICO Principal
4 hours -
Fisheries minister installed as a queen at CK Kope for swift reforms benefiting fisherfolk
4 hours -
World number one Sinner banned for three months
8 hours -
Communications Ministry restructures workforce to align with governance reset
11 hours -
Djibouti’s Foreign Minister Mahmoud Ali Youssouf elected AU Commission chair
13 hours -
Barker-Vormawor, Ama Governor, shouldn’t have been prosecuted – John Darko
13 hours -
Bellingham sent off as Real Madrid held by Osasuna
14 hours -
Ten-man Ipswich claim battling point at Aston Villa
14 hours