Ghana’s foreign exchange reserves have seen a significant boost, reaching $6.59 billion in April 2024. This marks a substantial increase from the $5.91 billion recorded at the end of December 2023, representing 3.0 months of import cover.
The growth is largely attributed to a surge in gold exports, which rose by 37% to $2.97 billion, and a modest increase in crude oil exports, which grew by 9.4% to $1.27 billion.
However, cocoa exports experienced a decline of 49% to $599.3 million, while other exports, including non-traditional exports, decreased by 6% to $981.8 million. Total imports also saw a significant increase of 22.2% to $5.08 billion, driven mainly by non-oil imports. For more information on Ghana’s economy and trade, you may want to try searching online.
