Trade surplus improves slightly
By Elorm Desewu
Ghana’s trade surplus has narrowed slightly to 0.7 percent of Gross Domestic Product, (GDP), at the end of February, 2019 compared with 0.8 percent of GDP recorded during the same period.
Total exports for the first two months of 2019 was US$2.694 billion, slightly lower than the US$2.725 billion recorded during the same period.
Gold exports was US$944.4 million slightly lower than US$982.5 million recorded a year ago. Cocoa exports recorded US$565.9 million which was much lower than US$619.5 million recorded same period last year. Oil exports was US$721.5 million which was significantly higher than the US$664.9 million recorded during the same period.
Total imports for the first two months of 2019 was US$2194.8 billion which was slightly lower than the US$2.212 billion recorded during the same period.
Oil imports dropped marginally, recording US$380 million compared to US$386 million, while the non oil imports receipts also dropped marginally to US$1814 million compared with US$1825.4 million.
The country’s Gross International Reserves as at the end of February, 2019 has increased significantly, recording US$9.245 billion which is equivalent to 4.7 months import cover, compared with US$6.942 billion which was 3.7 months import cover.
The 33.1 percent rise in the reserves is expected to support the cedi from further fall.