Ghana’s net reserves fell to $6.09 billion in February 2022, from $6.079 billion recorded in December 2021, data from the Bank of Ghana has revealed.

This is equivalent to 4.3 months of import cover.

According to the Bank of Ghana, the reserves rose marginally in January to $6.095 billion, from the December 2021 figure of $6.079 billion.

The reserves however fluctuated in 2021. For instance, it decline from $8.23 billion in May 2021 to $7.25 billion in September 2021, before rising to $7.32 billion in October 2021.

At the beginning of the year 2021, the country’s reserves stood at $5.89 billion, about 4.1 months of import cover.

According to the figures on External Sector Developments, the Heritage and Stabilisation Funds stood at $846.7 million, lower than the $971 million recorded at the end of December 2021.

Trade surplus narrows to $404m in February 2022

The country’s trade surplus narrowed to $404.9 million in February 2022, as against $432.7 million registered during the same period last year

The trade balance however stood at $109 million in January 2022, but rising crude and gold prices impacted on the February figures.

While exports stood at $2.737 billion in February 2022, higher than the same period last year, imports was estimated at $2.332 billion in February 2022, also higher than February 2021 estimate.

Gold recorded the highest export earnings of $885.2 million in February 2022. In February 2021, gold exports stood at $931.2 million.

It was followed by crude oil which registered $688.8 million exports in February 2022, as against $510.2 million in February 2021. Cocoa exports however dipped to $596.8 million in February 2022.

The country’s overall balance of payment stood at $510.1 million at the end of December 2021, about 0.7% of GDP.

This is due to increase in Capital and Financial Account Balance and Foreign Direct Investments in 2021.