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 registered.
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.
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