CalBank Banking Sector Overview & Competitor Benchmarking
Macro Headwinds | Import cover & commodities
TRADE BALANCE (USD Billions)
FEB. 2022
0.2
FEB. 2023
0.8
CHANGE
265.8%⭑
GROSS INTERNATIONAL RESERVES (USD Billions)
FEB. 2022
9.5
FEB. 2023
5.9
CHANGE
37.9%
IMPORT COVER (Months)
FEB. 2022
4.2
FEB. 2023
2.8
Despite the mixed performance in the prices of Ghana's
major commodities, the trade balance improved in the first
two months of 2023 mainly on the back of higher export
volumes
Ghana's Gross International Reserves declined by 37.9% y/y
in February 2023.
CHANGE
50.0%↓
The decline in GIR led to an associated 50.0% y/y decline in
import cover to 2.8 months in February 2023 compared to
4.2 months in February 2022.
COMMODITY
(USD)
Price
14TH Apr. 2023
Price
14th Apr. 2022
% Chg.
Crude oil/barrel
Gold/ounce
Cocoa/ton
86.34
2,037.49
3,021.00
111.70
1,973.71
2,647.00
-22.70%
3.23%
14.13%
Brent crude oil dipped by 22.70% y/y to USD 86.34 per barrel
in as at 14th April, 2023 from USD 111.70 per barrel. In contrast
gold and cocoa prices recorded some gains, driven largely by
weak US dollar and expectation of further interest rate hikes by
the Federal Reserve Bank
8
CalBankView entire presentation