Ghana's Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund improved slightly to $2.46 billion in October 2023, about 1.1 month of import cover.

This is against $2.267 billion in September 2023 (1.0 month of import cover) and $2.016 billion in August 2023 (1.0 month of import cover) respectively.

According to the Bank of Ghana’s September 2023 Summary of Economic and Financial Data, the reserves grew from $1.406 billion (0.7 months of import cover) in April 2023 to $2.162 billion (1.0 month of import cover) in May 2023 and $2.235 billion in June 2023 (1.0 month of import cover) respectively.

It increased marginally to $2.239 billion (1.0 month of import cover) in July 2023.

Trade surplus hits $2.058 billion in October 2023

Meanwhile, the country recorded an increase in trade surplus to $2.058 billion in October 2010 from $1.805 billion in August 2023, approximately 2.7% of Gross Domestic Product (GDP).

This is higher than the $1.854 billion (2.5% of GDP) registered during the same period in 2022.

According to the data from the Bank of Ghana, total exports as of October 2023 was estimated at $13.453 billion, whilst total imports stood at $11.395 billion. Total imports declined by 8.9%, driven by both non-oil imports and oil and gas imports. Merchandise exports also declined by 6.4% and this was weighed down by crude oil exports and cocoa products.

Gold sustained its dominance, recording $6.072 billion exports value in October 2023, higher than the $5.332 billion recorded during the same period last year. It export earnings increased by 13.9% to $6.1 billion benefiting from both volume and prices increases

Crude oil exports came second. It brought in $3.068 billion in October 2023, compared to $4.614 billion in June 2023.

Proceeds from cocoa as of October 2023 stood at $1.709 billion, lower than the $1.785 billion a year ago.

Other’ exports, including non-traditional exports, decreased marginally by 1.1% to an estimated value of $2.6 billion.