Exports of Ghanaian gold and cocoa increased by 4.6% to reach 15.6 billion US dollars (8,736 billion FCFA), according to the 2019 Financial Stability Review report, published by the Bank of Ghana (BoG ). This improvement in exports was largely driven by growth of 14.6% and 8.6% in gold and cocoa exports respectively.

“ The general increase in commodity prices and export volumes has had a significant impact on the trade balance. Overall, Ghana's exports increased by 4.6% to reach US$15.6 billion (XOF8,736 billion) in 2019. This improvement in exports was largely due to a growth of 14.6% and 8.6% of gold and cocoa exports respectively,” the report said.

On the other hand, imports generally registered a slower pace of growth in 2019, mainly due to a 9.2% contraction in oil and gas imports. These developments generated a trade surplus of $2.3 billion (1,288 billion FCFA) 3.4% of GDP in 2019, compared to $1.8 billion (1,008 billion FCFA) 2.8% of GDP in 2018 “, continues the report.

He added that the trade surplus and improved current transfers reduced current account deficits by 2.5% of GDP in 2019. A current account deficit of US$1.7 billion (952 billion FCFA) was recorded in 2019, against 2 billion dollars (1,120 billion FCFA), in 2018.

The overall account of the balance of payments would have recorded a surplus of 1.3 billion dollars (728 billion FCFA) in 2019, against a deficit of 671.5 million dollars (376 billion FCFA) in 2018. These developments have translated by further improvements in gross international reserves to 8.4 billion dollars (4,704 billion FCFA), i.e. 4 months of coverage of imports of goods and services in 2019.

However, the general increase in commodity prices and export volumes had a significant impact on the trade balance. Overall, Ghana's exports increased by 4.6% to reach $15.6 billion (8,736 billion FCFA), in 2019. This improvement in exports was mainly due to a growth of 14.6% and 8.6% of gold and cocoa exports respectively.