Ghana’s trade performance showed significant growth in the first half of the year, achieving a trade surplus of $1.43 billion, which represents approximately 2% of the nation’s Gross Domestic Product. This figure marks a substantial increase from the $886 million surplus recorded during the same period in the previous year.
Data from the Bank of Ghana’s Summary of Economic and Financial Data indicates that total export earnings reached $9.0 billion, largely fueled by the strong performance of the gold and petroleum sectors.
Gold remained the nation’s primary export, generating $3.01 billion by June 2022, while crude oil followed closely with $2.83 billion. The growth in oil revenue was primarily driven by favorable international market prices, with crude trading at approximately $102 per barrel, while the rise in gold revenue was attributed to increased production levels. In contrast, total imports for the period amounted to $7.56 billion, with non-oil imports accounting for $5.28 billion and oil-related imports making up the remaining $2.28 billion.
Despite the positive trade balance, other economic indicators showed signs of pressure. The current account balance recorded a deficit of $1.09 billion, equivalent to -1.8% of GDP, a sharp increase from the deficit reported earlier in the year. Additionally, the overall balance of payments faced a downturn, shifting to a deficit of $2.49 billion in June 2022 compared to a surplus position in the prior year.
