Ghana reserves position remains strong; trade surplus increased to $1.805bn in June 2024

Ghana's gross international reserves increased by $275 million, reaching $6.865 billion in June 2024, up from $5.344 billion in June 2023, representing 3.1 months of import cover.

Excluding encumbered and petroleum assets, reserves rose to $4.522 billion in June 2024 from $4.32 billion in April 2024. The net international reserves were $4.500 billion, compared to $2.332 billion a year ago.

The trade balance surplus grew to $1.805 billion, driven by a 13.33% increase in exports to $9.22 billion, with significant growth in gold and crude oil exports.

However, cocoa exports dropped by 47.7%, and other exports slightly decreased. Total imports rose to $7.423 billion.