Posted: Friday 11th July 2014 at 14:48 pm

Ghana’s Imports Decline

Dr. Kofi Wampah, Governor of the Bank of Ghana

Dr. Kofi Wampah, Governor of the Bank of Ghana



Dr. Kofi Wampah, Governor of the Bank of Ghana
Ghana’s total imports have declined from US$7.3 billion to US$6 billion, representing a 17.8 percent reduction.

The decline was attributed to a 19.7 percent year-on-year decline in non-oil imports to US$4.6 billion.

Dr. Kofi Wampah, Governor of the Bank of Ghana (BoG), who made this known, said the trade deficit narrowed significantly to US$156.6 million from January to May 2014 compared to a deficit of $990.8 million in the corresponding period of 2013.

He said provisional estimates indicated that the merchandise trade deficit for the period January to May 2014 contracted sharply on the back of a significant decline in imports, outpacing the slowdown in exports.

Dr. Wampah said total merchandise exports was US$5.9 billion, down by 7.5 percent from the US$6.3 billion recorded in the same period of 2013.

This, he said, was mainly due to lower earnings in gold and crude oil, stating that Gold exports amounted to US$1.8 billion.

Gold prices and volumes fell by 17 and 7 percent year-on-year respectively.

‘This compares with gold export earnings of US$2.3 billion in the corresponding period of 2013,’ Dr. Kofi Wampah said.

He said cocoa beans and products amounted to US$1.5 billion compared with US$1.3 billion for 2013, representing a growth of 14.4 percent.

‘Crude oil exports declined to US$1.6 billion from US$1.7 billion in 2013 on the back of lower production volumes, which fell by 8 percent although prices inched up marginally by 1.3 percent,’ Dr. Kofi Wampah said.

He said Non-traditional export earnings (including timber and other minerals) remained unchanged at US$1 billion.

Dr. Kofi Wampah said total remittances to individuals increased to US$692 million in January to May 2014 from US$652 million in the same period of 2013.

By Cephas Larbi
[email protected] 

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