New figures from the Bank of Ghana have shown that Ghana’s total balance of trade recorded a surplus of 1.429 billion dollars as at June this year.
This is equivalent to 3.1 percent of GDP.
The surplus is an improvement over the 1.4 billion dollars deficit recorded in the same period last year.
This has largely been accounted for by the declining imports for the period under review.
The figures which summarize Ghana’s economic activities between June 2016 and the same period 2017, stated that Ghana’s total exports increased by 2 billion dollars to 7.159 billion dollars as at June 2017.
This was an increase from the 5.139 billion dollars recorded in the same period last year.
Ghana’s oil exports tripled within the one year period.
The country exported 1.24 billion dollars worth of oil as at June 2017; up from the 408.3 million dollars worth of oil exports.
Gold and cocoa exports also followed with 1 billion and 224 million dollars worth of exports as at June this year, respectively.
Meanwhile imports recorded a general drop between the twelve months period ending last month.
Ghana’ imports reduced by 12.42%; from 6.54 billion dollars to 5.72 billion dollars during the one year period.
Oil imports dropped by 19 percent; from the 905.8 million dollars to 733.1 million dollars.
Also, non-oil imports declined by 11.35%; from 5.63 billion dollars to 4.99 billion dollars as at June 2017.
The prices that Ghana received for its exports commodities reveal that the country’s price for cocoa recorded the highest drop of about 10 percent to a current figure of 2,700 dollars per tonne.
It was followed by oil prices which recorded a dip of 9 percent with gold prices recording the lowest price decline of 1 percent.
Source: Citi Business