Business News of Wednesday, 11 October 2017
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.
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.
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.