BoG confirms sharp decline in earnings from traditional exports

BoG confirms sharp decline in earnings from traditional exports

Dr. Henry Kofi Wampah

Figures from the Bank of Ghana have confirmed that government’s earnings from traditional exports have declined.

According to the central bank, income from Gold for the half year declined to 2.7 billion from 3.2 billion cedis, while cocoa also declined marginally.

This would not be good news for government especially at a time when there is a decline in donor inflows as well as revenue.

Addressing journalists, Governor Kofi Henry Wampah however says he is optimistic recent measures introduced by government could help stabilize the situation.

“It is clear that as a country we need to look for other sources of export or foreign exchange, it means that we have to widen the base. There are other areas, nontraditional exports that we can work on. I think government is looking at that, in some of the high level meetings I have attended they have talked about those areas.”

The Governor also denied reports that the current election-petition hearing has affected investments and credit to businesses and individuals by banks.

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