By Elorm DESEWU
Ghana’s balance of payments projections for 2009 indicate that total exports are likely to decline by 7.6% to US$4,874.06 million.
Ghana’s major export commodities, like cocoa, is expected to decline by 2.8% to US$1,459.58 million, reflecting a price decline of about 9%.
Additionally, gold exports receipts are expected to decline by 11.78%. This is due to an expected major decline in gold export prices by 16.0%.
Exports of cocoa beans and products recorded an annual growth of 32.6% and amounted to US$1,501.7 million in 2008.
Cumulative cocoa purchases for the 2008/2009 main crop season amounted to 507,698 tonnes, against a forecast of 600,000 tonnes for the entire crop season, compared with 663,000 tonnes for the 2007/2008 season.
Gold exports, which amounted to US$1,199.2 million at the end of the second quarter, increased to US$2,246.3 million by the end of December 2008. This compares with US$2,246.3 million by the end of December 2007.
The overall balance of payments recorded a deficit of US$940.7 million at the end of December 2008, reversing a surplus of US$413 million in 2007, reflecting the build-up of balances of sovereign bond proceeds in the last quarter of 2007.
The deficit for 2008 was mainly by a draw-down of resources, including the balances of the sovereign bond proceeds of US$750.0 million that was part of the build-up of reserves in 2007.
Indeed imports are also expected to slow down this year by 16% to US$8,605.2 million reflecting a 15% slowdown in the non-oil imports and a 20% slowdown in oil imports.
The slowdown in oil import is due to a 41% drop in oil prices to a projected US$60 per barrel for this year.
However, the overall current account balance, including official transfer, is projected to improve by 35%, driving the current account deficit Gross Domestic Product (GDP) ratio from 20.87% in 2008 to about 15% this year.
Ghana’s balance of payments projections for 2009 indicate that total exports are likely to decline by 7.6% to US$4,874.06 million.
Ghana’s major export commodities, like cocoa, is expected to decline by 2.8% to US$1,459.58 million, reflecting a price decline of about 9%.
Additionally, gold exports receipts are expected to decline by 11.78%. This is due to an expected major decline in gold export prices by 16.0%.
Exports of cocoa beans and products recorded an annual growth of 32.6% and amounted to US$1,501.7 million in 2008.
Cumulative cocoa purchases for the 2008/2009 main crop season amounted to 507,698 tonnes, against a forecast of 600,000 tonnes for the entire crop season, compared with 663,000 tonnes for the 2007/2008 season.
Gold exports, which amounted to US$1,199.2 million at the end of the second quarter, increased to US$2,246.3 million by the end of December 2008. This compares with US$2,246.3 million by the end of December 2007.
The overall balance of payments recorded a deficit of US$940.7 million at the end of December 2008, reversing a surplus of US$413 million in 2007, reflecting the build-up of balances of sovereign bond proceeds in the last quarter of 2007.
The deficit for 2008 was mainly by a draw-down of resources, including the balances of the sovereign bond proceeds of US$750.0 million that was part of the build-up of reserves in 2007.
Indeed imports are also expected to slow down this year by 16% to US$8,605.2 million reflecting a 15% slowdown in the non-oil imports and a 20% slowdown in oil imports.
The slowdown in oil import is due to a 41% drop in oil prices to a projected US$60 per barrel for this year.
However, the overall current account balance, including official transfer, is projected to improve by 35%, driving the current account deficit Gross Domestic Product (GDP) ratio from 20.87% in 2008 to about 15% this year.
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