According to Bank of Ghana data, Ghana recorded a trade surplus of $752.8 million in the first two months of 2023, which is around 1.0% of the gross domestic product,
This is significantly greater than the $205.8 million surplus recorded during the same period in 2021.
The huge increase in trade surplus was attributed to substantial earnings from gold exports, while net imports significantly decreased.
Most importantly, overall exports increased by 11.19% year on year to $2.76 billion in the first two months of 2023.
For the first two months of 2022, total exports were $2.48 billion.
Crude oil exports fall to $562m
Crude oil exports in February 2022 totaled $562.6 million, lower than the $688.8 million recorded in February 2022.
This is primarily due to price repercussions, as the crude oil price has dropped drastically from over $100 to about $73.
Gold exports up 35% to $1.11bn
Gold export revenues, on the other hand, climbed by 35.7% to $1.11 billion, owing to higher production volumes triggered by a positive response from small-scale gold exporters.
Cocoa exports up by 11.63%
Cocoa receipts increased 11.63% year on year to $546 million in February 2023.
Despite reduced pricing and lower cocoa purchases, this is the case.