{"id":423508,"date":"2011-05-13T16:05:21","date_gmt":"2011-05-13T16:05:21","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/13\/ghana-crude-oil-exports-yield-484-2-million\/"},"modified":"2011-05-13T16:05:21","modified_gmt":"2011-05-13T16:05:21","slug":"ghana-crude-oil-exports-yield-484-2-million","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/13\/ghana-crude-oil-exports-yield-484-2-million\/","title":{"rendered":"Ghana crude oil exports yield $484.2 million"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Oil & Gas<\/a>, Second Lead<\/a> \u00bb Ghana crude oil exports yield $484.2 million<\/p>\n

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Page last updated at Friday, May 13, 2011 16:16 PM \/\/ <\/span><\/div>\n

\"\"<\/a>Ghana became an oil producer and exporter following the commercial production of oil in the country on December 15, 2010.<\/p>\n

By the first quarter of 2011, crude oil exports from Ghana was estimated at $484.2 million, the governor of the Bank of Ghana, Mr. Kwesi Amissah-Arthur has said.<\/p>\n

According to provisional data on Ghana\u2019s external sector which showed improvements in the trade and current account balance, total merchandise exports, estimated at $3 billion, which is a growth of 61.7% year-on-year was boosted by petroleum exports, higher commodity prices and larger export volumes.<\/p>\n

According to the central bank, Ghana\u2019s export earnings in the first quarter of 2011 was $1.9 billion. Export receipts of cocoa beans and products amounted to $859.4 million compared with $682.5 million for 2010. The export value of gold was $1.2 billion, compared to $787 million in 2010, while exports of crude oil was estimated at $484.2 million.<\/p>\n

On the other hand, total merchandise imports, the Bank said amounted to $3.3 billion during the first three months of the year, compared with $2.5 billion for the same period in 2010 (an increase of 32 per cent).<\/p>\n

Non-oil imports, it said was $2.7 billion compared with $2.0 billion in 2010. Oil imports amounted to $614.4 million compared to $493.5 million for 2010.<\/p>\n

\u201cThis increase in the oil bill was driven mainly by higher prices,\u201d Mr. Amissah-Arthur said.<\/p>\n

He indicated that the merchandise trade deficit of $584.2 million for the first quarter of 2010 therefore significantly narrowed to $248.6 million in the first quarter of 2011, resulting in a lower current account deficit of $220.2 million compared to the deficit of $565.8 million in 2010.<\/p>\n

By Emmanuel K. Dogbevi<\/p>\n\n

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\nGhana crude oil exports yield $484.2 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

You Are Here: Home \u00bb Oil & Gas , Second Lead \u00bb Ghana crude oil exports yield $484.2 million Page last updated at Friday, May 13, 2011 16:16 PM \/\/ Ghana became an oil producer and exporter following the commercial production of oil in the country on December 15, 2010. 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