Ghana records $1.7bn trade surplus in 10 months

The country recorded a strong trade surplus in the 10 months of this year.

According to the Summary of Economic and Financial Data by the Bank of Ghana, the nation recorded $1.7 billion dollars trade surplus, about 2.6% of Gross Domestic Product in October 2020.

The trade surplus is bigger than what was achieved during the same period last year and could even grow larger this year, exceeding the $2.2 billion dollars registerd.

This comes despite the impact of covid-19 on the economy.

But diversified exports appear to have been doing the trick for the nation as the economy has benefited immensely from escalating gold prices from the international market.

The nation has so far bagged $5.72 billion and $1.81 billion respectively from gold and cocoa exports, higher than what was achieved same period last year. During the same time last year, the nation earned $5.20 billion and $1.67 billion respectively from gold and cocoa exports.

Oil exports, however, dipped by about $1.4 billion dollars to $2.4 billion dollars in October 2020.

Non Traditional Exports have also witnessed some growth this year as against last year’s performance despite the coronavirus pandemic.

Following the registration of a strong trade surplus, the nation’s currency would be the major beneficiary from increased gross international reserves, unless something untoward happens.