Ghana’s export revenue hits $8.95bn; up 28%

Business News of Wednesday, 11 October 2017

Source: classfmonline.com

2017-10-11

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Ghana raked in $8.95 billion from cocoa, oil and gold exports in August 2017, according to the Bank of Ghana’s summary of economic and financial data.

It represents a growth of 27.8% between August 2016 and the same period in 2017.

Within the same period last year, Ghana raked in $7 billion. The 2017 figure is, therefore, $1.95 billion more relatively.

In August 2016, the country spent $7 billion on imports.

But now total imports represent a drop of 12.27% within the one-year period.

The figures show that Ghana began recording positive balance of trade from Q1 2017.

Breakdown

Oil revenue from exports rose by 140% in August 2016 and the same period in 2017 from $630 million to $1.68 billion.

Revenue from gold exports grew by 25 per cent from $3 billion to 3.79 billion within the one-year period.

Cocoa exports recorded the least growth in exports rising by 16 per cent from $1.72 billion to $1.99 billion.

Imports

On the flipside, Ghana’s oil imports dropped by 28 percent from $1.2 billion to $900 million.

The non-oil imports sector dropped from $7.6 billion to $6.86 billion.

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