Ghana’s export earnings stagnate at $2.8bn as contribution of cocoa drops by $200m

The most recent evaluation of Ghana’s external sector indicates that the nation garnered $2.8 billion from its primary exports during the initial two months of 2024.

However, when compared year-on-year, the export value remained relatively stagnant, with no significant growth observed from the same $2.8 billion recorded as of February the previous year.

When compared with the $2.5 billion spent by the country on importing goods during the same period, the figure resulted in a trade surplus of approximately $400 million.

Per the data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for March 2024, the positive trade balance accounted for 0.5 of GDP, which is a decline from the 1.1% of GDP recorded in February 2023.

Gold continued to uphold its position as the foremost contributor to exports, contributing $1.3 billion in export revenue.

This marked a marginal increase from the $1 billion recorded during the same period last year.

Following closely were crude oil exports, which totaled $620 million in February 2024, compared to $551 million in February 2023.

However, cocoa came in third with $508 million significantly down from $711 million recorded in the same period last year accounting for some $203 million decline.

Talking about imports, oil imports fell from $674 million to $599 million. Non-oil imports also decreased from $1.9 billion to $1.3 billion.

The growth in gross international reserves sustained the country’s import cover at 2.8 months.

Net International Reserves of the country stand at $3.5 billion, a marginal increase from the $2.6 billion recorded in February 2023.

STORY BY; PORTIA AKU SHIKA GAFAH