Ghana's trade surplus for the first four months of 2023 reached $1.6 billion, accounting for approximately 2.2% of the country's Gross Domestic Product (GDP).
This figure surpasses the trade surplus of $1.15 billion (1.6% of GDP) recorded during the same period in the previous year.
According to the Bank of Ghana's May 2023 Summary of Economic and Financial Data, total exports as of April 2023 were estimated at $5.64 billion, while total imports stood at $4.04 billion.
Gold constituted the majority of the export value, reaching $2.17 billion in April 2023, an increase from the $1.84 billion recorded during the same period in the previous year.
Cocoa surpassed crude oil to claim the second position, with export proceeds totalling $1.25 billion in the first four months of 2023, compared to $1.03 billion a year ago.
In April 2023, crude oil exports generated $1.17 billion, a decrease from the $1.85 billion recorded in April 2022.
Regarding imports, oil imports amounted to $1.20 billion in April 2023, while non-oil imports totalled $2.84 billion.
Ghana's Balance of Payment at the end of March 2023 indicated a deficit of $353 million, approximately 0.5% of the country's GDP.
However, this deficit is significantly lower than the $934 million recorded during the same period in 2022.
The Capital and Financial Account Balance stood at a deficit of $955 million in April 2023, compared to a deficit of $451 million in March 2023.
The negative balance in the Capital and Financial Account resulted from a net outflow of portfolio investments.
Meanwhile, the current account balance in April 2023 reached $661.4 million, equivalent to approximately 0.9% of GDP.
Gross International Reserves in April 2023 stood at $5.21 billion, providing import cover for approximately 2.4 months.
