{"id":1258794,"date":"2022-11-26T20:35:17","date_gmt":"2022-11-26T20:35:17","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/26\/ghanas-reserves-fall-to-2-9-months-of-import-cover-in-october-2022-trade-surplus-hits-1-87bn\/"},"modified":"2022-11-26T20:35:17","modified_gmt":"2022-11-26T20:35:17","slug":"ghanas-reserves-fall-to-2-9-months-of-import-cover-in-october-2022-trade-surplus-hits-1-87bn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/26\/ghanas-reserves-fall-to-2-9-months-of-import-cover-in-october-2022-trade-surplus-hits-1-87bn\/","title":{"rendered":"Ghana\u2019s reserves fall to 2.9 months of import cover in October 2022; trade surplus hits $1.87bn"},"content":{"rendered":"

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Ghana\u2019s international reserves remained at a low 2.9 months of import cover in October 2022.<\/p>\n

According to data from the Bank of Ghana, net International Reserves, which exclude encumbered assets and petroleum funds, stood at $2.84 billion in October 2022.<\/p>\n

This is compared with the September 2021 position of $2.66 billion, also equivalent to 2.9. months of import cover.<\/p>\n

Net international reserves have been declining from $6.07 billion in January 2022, about 4.4 months of import cover, largely due to the liquidation of investments by foreign investors.<\/p>\n

For gross international reserves, it stood at $6.67 billion in October 2022, from $8.76 billion in January 2022.<\/p>\n

Trade surplus hits $1.87bn<\/strong><\/p>\n

Meanwhile, Ghana recorded a trade surplus of $1.87 billion in October 2022, about 2.8% of Gross Domestic Product.<\/p>\n

This far exceeded the surplus of $1.02 billion recorded during the same period in 2021.<\/p>\n

In September 2022, the nation recorded a trade surplus of $1.75 billion, 2.6% of GDP.<\/p>\n

According to the Bank of Ghana\u2019s Summary of Economic and Financial Data, this was driven by higher receipts from crude oil and gold.<\/p>\n

Importantly, total exports went up by 17.8% year-on-year to $14.3 billion.<\/p>\n

Crude oil exports totalled $5.33bn<\/strong><\/p>\n

Crude oil exports totalled $4.61 billion in October 2022, higher than the $3.10 billion recorded in October 2021. This is mainly due to price effects.<\/p>\n

Gold export earnings also went up by 26.4% to $5.33 billion, supported by increased production volumes triggered by the positive response from small-scale gold exporters.<\/p>\n

However, on account of lower prices and low cocoa purchases, cocoa receipts declined to $1.77 billion in October 2022, compared to $2.44 billion in October 2021.<\/p>\n

Total imports increased by 11.79%<\/strong><\/p>\n

Meanwhile, total imports increased by 11.79% on a year-on-year basis to $12.45 billion. This was mainly driven by higher oil and gas import bill.<\/p>\n

DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ghana\u2019s international reserves remained at a low 2.9 months of import cover in October 2022. According to data from the Bank of Ghana, net International Reserves, which exclude encumbered assets and petroleum funds, stood at $2.84 billion in October 2022. This is compared with the September 2021 position of $2.66 billion, also equivalent to 2.9. […]<\/p>\n","protected":false},"author":1,"featured_media":1218001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[29399,2652,6761,250,312,6095,1705,14879,13918,14624,915],"class_list":["post-1258794","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-1-87bn","tag-cover","tag-fall","tag-ghanas","tag-hits","tag-import","tag-months","tag-october","tag-reserves","tag-surplus","tag-trade"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1258794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1258794"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1258794\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1258794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1258794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1258794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}