The gross international reserves position remained strong in the first four months of 2024.

According to the Bank of Ghana, the stock of Gross International Reserves increased to $6.59 billion in April 2024 representing 3.0 months of import cover, compared with $5.91 billion (2.7 months of import cover) at end-December 2023.

The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.32 billion, compared with $3.66 billion at end-December 2023.

Meanwhile, the balance of trade recorded a lower surplus of $744.3 million for the first four months of the year, compared to a surplus of $1.39 billion in the corresponding period of last year.

Total exports increased by 4.9% to $5.83 billion driven mainly by significant growth in gold exports and a modest increase in crude oil exports.

Earnings from gold exports increased by 37.0% to $2.97 billion, due to higher volumes of exports from small-scale gold production.

The value of crude oil exports, in comparison, increased by 9.4% to $1.27 billion, on the back of both volume and price increases.

Exports of cocoa, both beans and products, dropped by 49.0% to $599.3 million.

Other exports, including non-traditional exports, also decreased by 6.0% to $981.8 million.

Total imports increased by 22.2% to $5.08 billion, driven mainly by non-oil imports which went up by 31.2% to $3.53 billion, while oil imports increased by 5.6% to $1.55 billion.