GIR surges to $7.5bn; trade surplus hits $2.78bn by August

Ghana’s Gross International Reserves rose by $1.58 billion, reaching $7.5 billion at the end of August 2024, the Bank of Ghana’s Monetary Policy Committee (MPC) has disclosed.
This figure is equivalent to 3.4 months of import cover.
Additionally, Net International Reserves increased by $1.73 billion, bringing the total to $4.92 billion.

The Bank of Ghana attributed this substantial growth in reserves to the robust performance of the country’s domestic gold purchase programme, which played a pivotal role in boosting reserves.

Trade surplus reaches $2.78 Billion
Ghana’s external payment position remained strong during the first eight months of 2024, with the trade balance recording a provisional surplus of $2.78 billion.
This marked a significant increase compared to the $1.66 billion surplus recorded during the same period in 2023.

This improvement was largely driven by a 22.3% rise in total exports, which reached $12.92 billion.
Gold exports played a dominant role, increasing by 62.2% to $7.27 billion, while crude oil exports also rose by 16.7% to $2.77 billion.

Cocoa exports decline amid weather challenges
In contrast, cocoa exports, including both beans and cocoa products, experienced a significant drop of 42.7%, totaling $917.8 million in August 2024.
The decline was attributed to adverse weather conditions affecting cocoa production.

Rising imports contribute to overall trade figures
The total import bill also saw a 14.0% increase, reaching $10.14 billion during the same period.
Oil imports rose slightly by 3.6% to $3.0 billion, while non-oil imports increased by 19.0% to $7.1 billion, reflecting higher domestic demand.