Ghana's Gross International Reserves rise 9.99% in first two months

In the initial two months of 2024, Ghana saw a 9.99% increase in its Gross International Reserves (GIR), excluding Encumbered Assets and Petroleum Fund, reaching $4.02 billion by February 2024.

This amount translates to 1.8 months of import cover, as reported by the Bank of Ghana's March 2024 Summary of Economic and Financial Data.

December 2023 witnessed GIR at $3.66 billion, representing about 1.7% of import cover.

By January 2024, this figure had marginally risen to $4.17 billion before experiencing a slight decline to $4.02 billion in February 2024.

The country's reserves have exhibited consistent albeit modest growth since August 2023, according to the Bank of Ghana's data.

Simultaneously, Ghana's trade surplus in February 2024 amounted to $392.8 million, equivalent to 0.5% of Gross Domestic Product (GDP), a decrease from the $862.5 million (1.1% of GDP) recorded during the same period in 2023.

Exports in February 2024 totalled $2.86 billion, while imports stood at $2.47 billion.

Gold remained a dominant export, fetching $1.26 billion, reflecting both increased volume and price compared to the preceding year.

Crude oil exports followed closely, generating $619.8 million, up from $551.3 million in February 2023.

However, cocoa proceeds in February 2024 amounted to $508.4 million, a decline from $711.5 million in the previous year due to reduced volumes and prices.

Other exports, including non-traditional exports, marginally decreased to an estimated value of $479.5 million in February 2024 compared to $480.0 million a year ago.