By Kofi Ahovi
The balance of trade data provided by the Monetary Policy Committee of the Bank of Ghana (BoG) shows that the deficit of US$1.3 billion in the first seven months of 2010 reduced to a provisional deficit of US$1.1 billion for the corresponding period in 2011.
Total merchandise exports increased by US$2.9 billion to US$7.5 billion in 2011, representing a growth of 62.3% over the same period of 2010. The strong export growth was driven by gold, cocoa beans and crude oil. The total export of crude oil from January to July was 12.6 million barrels valued at US$1.4 billion, while exports of gold and cocoa beans were US$2.8 billion and US$1.5 billion respectively.
On the other hand, total merchandise imports from January to July amounted to US$8.6 billion, representing an annual growth of 45.4%. Crude oil imports went up by US$229.1 million to US$825.9 million while imports of oil products increased by US$180.9 million to US$805.8 million. In addition, there were imports of gas through the West African Gas Pipeline of US$94.5 million.
Total non-oil imports, classified according to the Basic Economic Classification (BEC) or end use, showed that the value of consumer goods increased by US$617.5 million to US$1.7 billion. Intermediate imports also went up by US$854.1 million to US$3.4 billion, while imports of capital goods grew by US$484.1 million to US$1.4 billion.
Private inward transfers through the banks from January to July 2011 amounted to US$9.97 billion, out of which US$1.13 billion (or 11.3% of the total) accrued to individuals. The total transfers represent an annual growth of 53.4% over the US$6.5 billion transferred during the corresponding period in 2010.
Total purchases of foreign exchange by Deposit Money Banks and Forex Bureaux, amounted to US$5.97 billion between January and July 2011. Sales of foreign exchange during the period were US$5.89 billion. Total transactions (both purchases and sales) on the foreign exchange market therefore amounted to US$11.86 billion at the end of July 2011, compared with US$7.93 billion over the same period in 2010.
The cedi depreciated by 2.2% against the US dollar in nominal terms from the beginning of the year to July 2011, compared with a marginal depreciation of 0.6% for the same period in 2010. In trade weighted terms, a nominal effective depreciation of 3% was recorded by end of July 2011.
The Gross International Reserves (GIR) of the Bank of Ghana was US$4.5 billion as at August 19, 2011, equivalent to 3.5 months cover of imports of goods and services. This may be compared to the December 2010 level of US$4.7 billion (equivalent to 3.7 months of import cover).
The balance of trade data provided by the Monetary Policy Committee of the Bank of Ghana (BoG) shows that the deficit of US$1.3 billion in the first seven months of 2010 reduced to a provisional deficit of US$1.1 billion for the corresponding period in 2011.
Total merchandise exports increased by US$2.9 billion to US$7.5 billion in 2011, representing a growth of 62.3% over the same period of 2010. The strong export growth was driven by gold, cocoa beans and crude oil. The total export of crude oil from January to July was 12.6 million barrels valued at US$1.4 billion, while exports of gold and cocoa beans were US$2.8 billion and US$1.5 billion respectively.
On the other hand, total merchandise imports from January to July amounted to US$8.6 billion, representing an annual growth of 45.4%. Crude oil imports went up by US$229.1 million to US$825.9 million while imports of oil products increased by US$180.9 million to US$805.8 million. In addition, there were imports of gas through the West African Gas Pipeline of US$94.5 million.
Total non-oil imports, classified according to the Basic Economic Classification (BEC) or end use, showed that the value of consumer goods increased by US$617.5 million to US$1.7 billion. Intermediate imports also went up by US$854.1 million to US$3.4 billion, while imports of capital goods grew by US$484.1 million to US$1.4 billion.
Private inward transfers through the banks from January to July 2011 amounted to US$9.97 billion, out of which US$1.13 billion (or 11.3% of the total) accrued to individuals. The total transfers represent an annual growth of 53.4% over the US$6.5 billion transferred during the corresponding period in 2010.
Total purchases of foreign exchange by Deposit Money Banks and Forex Bureaux, amounted to US$5.97 billion between January and July 2011. Sales of foreign exchange during the period were US$5.89 billion. Total transactions (both purchases and sales) on the foreign exchange market therefore amounted to US$11.86 billion at the end of July 2011, compared with US$7.93 billion over the same period in 2010.
The cedi depreciated by 2.2% against the US dollar in nominal terms from the beginning of the year to July 2011, compared with a marginal depreciation of 0.6% for the same period in 2010. In trade weighted terms, a nominal effective depreciation of 3% was recorded by end of July 2011.
The Gross International Reserves (GIR) of the Bank of Ghana was US$4.5 billion as at August 19, 2011, equivalent to 3.5 months cover of imports of goods and services. This may be compared to the December 2010 level of US$4.7 billion (equivalent to 3.7 months of import cover).
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