Data from the Bank of Ghana has revealed that the balance of trade has narrowed in the first quarter of 2021 to 1.0% of Gross Domestic Product, as imports continued to surge.
The trade balance, the difference between exports and imports, stood at $759 million in April 2021.
Compared to the same period last year, the trade balance was $1.0 billion, which is equivalent to 1.3% of GDP
Total export was estimated at $5.13 billion in the first four months of this year, whilst total imports including oil stood at $4.37 billion.
For exports, the country earned $1.8 billion from gold, $1.2 billion from cocoa and $1.14 billion from oil respectively. Oil had witnessed growth in exports because of the increase in oil prices, which is hovering around $65 on the international market.
Ghana’s Gross International Reserves however hit $10.9 billion in April 2021, from $8.6 billion recorded in December 2020.
Despite the impact of the coronavirus pandemic on global economies, Ghana recorded a trade surplus of $2.015 billion in 2020, data from the Bank of Ghana has revealed.
This was equivalent to 3.0% of Gross Domestic Product.
According to the Bank of Ghana’s January Summary of Economic and Financial Data, total exports was estimated at $14.45 billion, whilst total import was $12.43 billion.
But comparing it to 2019, the country earned $15.6 billion from exports, whereas imports was $13.4 billion.