Ghana’s trade balance narrowed in the first four months of this year to 1.0 percent of gross domestic product, as imports continued to rise, data from the Bank of Ghana revealed.
However, the country has continued to enjoy a trade surplus since it first reached it in 2018.
The trade balance which is the difference between exports and imports stood at $ 759 million in April 2021. Compared to the same period last year, the trade balance was $ 1.0 billion, which equivalent to 1.3% of GDP
Total exports were estimated at $ 5.13 billion in the first four months of this year, while total imports, including oil, were $ 4.37 billion.
For exports, the country obtained respectively 1.8 billion dollars from gold, 1.2 billion dollars from cocoa and 1.14 billion dollars from oil. Oil had experienced growth in exports due to rising oil prices, which hover around $ 65 on the international market.
Ghana’s gross international reserves, however, reached $ 10.9 billion in April 2021, compared to $ 8.6 billion recorded in December 2020.
Ghana posts $ 2 billion trade surplus in 2020
Despite the impact of the coronavirus pandemic on global economies, Ghana recorded a trade surplus of $ 2.015 billion in 2020, data from the Bank of Ghana has revealed.
This was equivalent to 3.0% of gross domestic product.
According to the Bank of Ghana’s January Economic and Financial Data Summary, total exports were estimated at $ 14.45 billion, while total imports were $ 12.43 billion.
But comparing it to 2019, the country earned $ 15.6 billion from exports, while imports were $ 13.4 billion.