Ghana’s external payment position was strong in the first eight months of 2024, Bank of Ghana Governor Ernest Addison has said.

Briefing journalists about the Monetary Policy Committee’s decision to cut the policy rate from 29 per cent to 27 per cent, Dr Addison said on Friday, 27 September 2024 that the trade balance recorded a provisional surplus of US$2.78 billion, higher than the surplus of US$1.66 billion recorded in the corresponding period of 2023.

The surplus was primarily driven by an increase in gold and crude oil exports, Dr Addison said.

He said total exports went up by 22.3 per cent to US$12.92 billion.

Notably, he added, gold exports rose by 62.2 per cent to US$7.27 billion, while crude oil exports went up by 16.7 per cent to US$2.77 billion.

In contrast, Dr Addison said cocoa exports – both beans and products – fell by 42.7 per cent to US$917.8 million in August 2024, mainly due to challenges posed by extreme weather conditions.

The total imports bill increased by 14.0 per cent to US$10.14 billion over the same period, he noted.

Of the total, oil imports increased by 3.6 per cent to US$3.0 billion while non-oil imports went up by 19.0 per cent to US$7.1 billion.