Data from the Bank of Ghana shows that the country’s trade balance narrowed in the first four months of this year to 1.0% of Gross Domestic Product, as imports continued to surge.
Per the data released, the trade balance stood at $759 million in April 2021 as compared to the same period in 2020, which was $1.0 billion, equivalent to 1.3% of GDP
The trade balance is the difference between exports and imports.
Total exports were estimated at $5.13 billion in the first four months of this year, whilst total imports, including oil, stood at $4.37 billion.
Ghana earned $1.8 billion from gold, $1.2 billion from cocoa and $1.14 billion from oil respectively from exports.
Meanwhile, Ghana’s Gross International Reserves moved to $10.9 billion in April 2021, from $8.6 billion recorded in December 2020.