Ghana's gross international reserves position remained strong in the first half of 2024.

According to the Bank of Ghana, the stock of Gross International Reserves increased by $275 million $6.865 billion in June 2024, compared to $5.344 billion during the same period in 2023.

This represented 3.1 months of import cover.

The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.522 billion in June 2024, from $4.32 billion in April 2024.

The net international reserves was however slightly lower at $4.500 billion, as against $2.332 billion a year ago.

The Bank of Ghana disclosed in its July 2024 Monetary Policy Report indicated that the external payments position improved in the first half of the year.

"The current account surplus significantly improved, aided by strong gold exports, robust remittances, and effect of the debt suspension. This development, along with the Domestic Gold Purchase Programme helped accumulate reserves faster than envisaged under the IMF-supported programme. With a favourable external position and a strong reserve build-up, the Bank of Ghana is better positioned to provide cushion against external shocks to the economy and thereby provide stability in the foreign exchange market".

Trade balance records higher surplus of $1.805bn

Meanwhile, the balance of trade recorded a surplus of a higher $1.805 billion for the first half of 2024, compared to a surplus of $1.602 billion in the corresponding period of last year.

Total exports increased by 13.33% year-on-year to $9.22 billion in June 2024. This was driven mainly by significant growth in gold exports and a modest increase in crude oil exports.

Earnings from gold exports increased by 46.3%% year-on-year to $5.041 billion in June 2024.

The value of crude oil exports, in comparison, increased by 19.38% to $1.981 billion, on the back of both volume and price increases.

Exports of cocoa, both beans and products, dropped by 47.7% to $760.o million in June 2024.

Other exports, including non-traditional exports, also decreased slightly to $1.445 billion in June 2024.

Total imports increased by to $7.423 billion in June 2024, compared to $6.538 billion in June 2023.