Ghana has seen a robust increase in its trade surplus, reaching $2.058 billion by October 2023, marking a 16% rise since July and a 10% year-on-year growth. This economic milestone was largely fueled by a significant uptick in gold exports, which soared to $6.07 billion from $4.02 billion in July. Other commodities contributing to the trade surplus included crude oil, with exports climbing to $3.06 billion from $2.04 billion, and cocoa, which rose to $1.70 billion from $1.54 billion.
Despite these gains, the overall export value experienced a downturn of 6.5% from the previous year, totaling $13.45 billion compared to last year's $14.36 billion. The Bank of Ghana's November Summary of Economic and Financial Data highlighted this mixed performance within the country's export sector.
Moreover, as of the end of September, Ghana's balance-of-payments was reported to be in deficit by $617 million, equivalent to 0.8% of GDP. The capital and financial account balance showed an even larger deficit at $1.47 billion. Nonetheless, the nation maintained solid gross international reserves at $5.15 billion in October, which underpinned net international reserves of $2.15 billion.
The expansion of Ghana's trade surplus amidst a challenging global economic landscape showcases the resilience of its key export sectors — particularly gold — and provides a cushion against external financial pressures.
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