In contrast to the $886 million surplus achieved during the same period last year, Ghana generated a trade surplus of $1.43 billion in the first half of this year.
2 percent of the GDP is what this amounts to.
According to the Bank of Ghana’s Summary of Economic and Financial Data, the country earned $9.0 billion in the first half of this year as a result of rising gold and crude oil exports.
However, total imports were $7.56 billion. $5.28 billion in oil imports made up the majority of this.
The report also showed that, in terms of exports, gold led with a total value of $3.01 billion in June 2022, followed by oil with a value of $2.83 billion.
During the same period last year, these amounts were $2.66 billion and $1.75 billion, respectively.
The excellent performance of crude oil exports so far in 2022 is due to the increased cost of the raw material. The price of crude oil is currently at $102 per barrel.
Once more, rising gold output has led to a rise in gold exports.
In June 2022, it was projected that non-oil imports would total $5.28 billion, while oil imports would total $2.28 billion.
Additionally, as of June 2022, the current account balance was in deficit by $1.09 billion, or -1.8 percent of GDP. This is a significant increase above the deficit of $128.2 million that was noted in April 2022.
However, as opposed to 2.36 billion during the same month in 2022, the global balance of payments was -$2.49 billion in June of that year.