Ghana’s gross reserves shoot up to $11.02bn in half-year; trade surplus goes up to $837.5m

Ghana gross international reserves position has shot up to $11.02 billion in the first half of this year and this is equivalent to five months of import cover.

The reserves were however a little below the $11.30 billion recorded in May 2021 but stronger than the $10.9 billion registered in April 2021.

In January, February and March this year, the country’s reserve position was $8.83 billion, $8.7 billion and $8.3 billion respectively.

According to data gathered from the Bank of Ghana on external sector developments, the Heritage and Stabilization Fund in the first half of the year was $815.3 million.

The country’s reserves experienced massive growth because of boost in exports as oil and cocoa prices have shot up significantly, following a recovery in the global economy.

Total exports for the first half of the year stood at $7.5 billion, whilst imports stood at $6.75 billion, leaving a trade surplus of $837.5 million

In terms of the traditional export commodities, gold exports for the first six months of 2021 stood at $2.66 billion, whilst cocoa inched up to $1.74 billion. Crude oil exports were estimated at $1.75 billion in June 2021.

Inward remittances also rose up to $2.15 billion in June 2021. This is compared to $1.03 billion in March this year.

However, the balance of payment stood at a deficit of $926 million in June 2021.

Foreign Direct Investments for the first six months of this year was estimated at $954.2 million.