by Elorm Desewu
Ghana has recorded a strong trade surplus for the first eight months of 2024 which was driven primarily by an increase in gold and crude oil exports, according to the Bank of Ghana, (BoG).
The trade balance recorded a provisional surplus of US$2.78 billion, higher than the surplus of US$1.66 billion recorded in the corresponding period of 2023.
Total exports was up by 22.3 percent to US$12.92 billion. Gold exports rose by 62.2 percent to US$7.27 billion, while crude oil exports went up by 16.7 percent to US$2.77 billion. However, cocoa exports – both beans and products – fell by 42.7 percent to US$917.8 million in August 2024, mainly due to challenges posed by extreme weather conditions.
The total imports bill increased by 14.0 percent to US$10.14 billion over the same period. Of the total, oil imports increased by 3.6 percent to US$3.0 billion, while non-oil imports went up by 19.0 percent to US$7.1 billion.
The Gross International Reserves increased by US$1.58 billion to US$7.50 billion at end-August 2024, equivalent to 3.4 months of import cover.
Net International Reserves also increased by US$1.73 billion to US$4.92 billion at end-August 2024. The higher build-up in Gross International Reserves was largely on account of the strong performance of the domestic gold purchase programme.
From the beginning of the year to August 2024, crude oil prices declined by 2.1 percent to settle at an average price of US$78.92 per barrel, due to slowing demand in China and the U.S.
Cocoa prices eased to US$7,409.50 per tonne in August, after climbing to an all-time high of US$10,116.86 per tonne in April 2024.
In contrast, gold prices rose by 21.3 percent on yearto-date to an average price of US$2,469.39 per fine ounce on the back of geopolitical tensions and expectations of rate cuts by the U.S. Federal Reserve.
