[ 2017-10-11 ]

Ghana’s exports rise to $ 8.9 billion
Ghana is benefitting from increased revenue from
her exports which is ultimately expected to reduce
the country’s burden on imports and correct the
Balance of Trade (B0T).

The latest figures by the Bank of Ghana indicate
that the country received 8.95 billion dollars
from her exports in August 2017 compared to the
estimated 7 billion dollars it spent on importing
goods for the same period in 2017.

While the total exports represent a growth of
27.8% between August 2016 and the same period in
2017, total imports represents a drop of 12.27%
within the one year period.

The Bank of Ghana (BoG)’s summary of economic
and financial data indicates that Ghana started
recording positive balance of trade at least
within the first quarter of 2017.

The country in August 2017, made 8.95 billion
dollars in export revenue from cocoa, oil and gold
altogether.

This represents 1.95 billion dollars more compared
to the 7 billion dollars the country earned for
the same period this year.

Of the amount, revenue from oil exports went up by
over 140 percent between August 2016 and the same
period in 2017.

The country, in August 2017, raked in 1.68 billion
dollars up from the 683 million dollars recorded
in the same period last year.

Meanwhile, gold recorded the second highest growth
of about 25 percent.

Export revenue from the mineral went up from 3 to
3.79 billion dollars within the one year period.

However cocoa recorded the least growth in export
revenue of about 16 percent.

The cash crop raked in 1.99 billion dollars in
August 20177, from the 1.72 billion dollars
recorded in August 2016.

On imports, Ghana’s oil imports witnessed the
highest drop of about 28 percent; from 1.2 billion
dollars to 900 million dollars.

But non-oil imports such as food and other
consumables amounted to 6.86 billion dollars, down
from the 7.6 billion dollars between August 2016
and August this year.

Source - citibsinessnews.com

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