2024: Ghana’s Gross Int'l 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.
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.
Source: Classfmonline.com
Trending News
Supreme Court hears Sky-Odoi anti-LGBTQ cases live
11:12Ghana needs decisive leadership: Bawumia
10:50A/R: We’ll engage people to catch stray cattle to ensure trees are not destroyed – Simon Osei-Mensah
08:532024 polls: ‘Something good can come out of Walewale’ – Bawumia
10:57AstraZeneca withdraws Covid vaccine worldwide after admitting it can cause rare blood clots
10:35Otumfuo denounces corruption, pledges truth, integrity on 74th birthday
10:57Recently-fired Weija-Gbawe MCE dead
06:42Study on climate change and health vulnerabilities released
13:16If Bawumia becomes our next President, it will be very good for Ghana- President of Ahafo Regional House of Chiefs
10:26Alfred Arthur was part of CRIG’s CTCM that passed Lithovit as liquid fertiliser – Witness tells court
11:16