The Bank of Ghana has published its Annual Report for the period 2019, cataloging the performance of the various sectors of the economy.
Figures from the report, which was made public recently, indicates an increase in Ghana’s exports earnings in the year under review relative to the same period in 2018. Here is how Ghana’s export market performed in 2019.
According to the report, the value of merchandise exports for the year was estimated at US$15.67 billion, an increase of 4.9 percent over the value recorded in 2018.
The report gave the breakdown as follows;
Earnings from gold exports in 2019 amounted to US$6.23 billion compared to US$5.44 billion recorded in 2018.
This improvement, according to the report, was driven by increases in both volume and price.
Also, the volume of gold exported increased by 5.8 percent to 4,490,399 fine ounces while the average realised price increased by 8.3 percent to US$1,387.33 per fine ounce.
Additionally, the report stated that the value of crude oil exports was US$4.49 billion in 2019 compared to US$4.57 billion in 2018.
It added that volume exported also improved by 9.7 percent, year-on-year, to over 70 million barrels in 2019 on account of increased production from the Jubilee and Sankofa fields.
The average realised price, however, decreased by 10.5 percent to US$64.14 per barrel, leading to the marginal decline in export receipts.
Export of Cocoa Beans and Products
Value of exports of cocoa beans and products, the report further stated, increased by 5.0 percent to US$2.29 billion in 2019.
However, from 2018 the report indicated that the value of Cocoa beans exports amounted to US$1.45 billion, representing an increase of 3.2 percent.
On the average, the report said, the price of cocoa beans increased by 8.8 percent to US$2,366.94 per tonne, while export volume fell by 5.2 percent to 613,184 tonnes in 2019.
Therefore, from the above trends, the net earnings from cocoa products increased by 8.2 percent to US$0.84 billion, on the account of both price and volume effects.
For the timber market, the report stated that the value of timber exports fell by 23.7 percent to US$0.17 billion.
The average realised price of timber, the report said, decreased to US$562.47 per cubic metre in 2019 from US$671.04 per cubic metre in 2018.
But, volume exported, it added, declined to 300,455 cubic metres in 2019, from 330,042 cubic metres in 2018.
The value of “other exports, which is made up of non-traditional exports and other minerals (aluminium alloys, bauxite, diamond and manganese), was estimated at US$2.49 billion, US$0.05 billion.
This is lower than the out-turn as recorded in the same period in 2018.
The non-traditional export sector is booming with opportunities for Ghanaian businesses. Ghana’s export market is fast expanding in the trading of cashew, Shea, pepper and African artifacts among others.Interestingly the market does not require huge investment. It offers a market opportunity for young entrepreneurs to explore
By Salifu B.B. Moro