By Kofi Ahovi
External trade data from the Bank of Ghana for the first nine months of 2011 show that the balance of trade recorded a provisional deficit of US$1.7 billion. However, this compares favourably to a deficit of US$2 billion for the corresponding period in 2010.
Total merchandise exports amounted to US$9.8 billion in 2011, representing a growth of about 67% over the same period of 2010. The strong export growth continues to be driven by gold, cocoa beans and crude oil. The total export of crude oil from January to September was US$1.97 billion, while gold exports was US$3.7 billion, and cocoa beans was US$1.7 billion.
On the other hand, total merchandise imports amounted to US$11.5 billion, representing an annual growth of 45.6. Crude oil imports were US$991.4 million while imports of oil products amounted to US$1.1 billion. In addition, there were imports of gas through the West African Gas Pipeline of US$107.9 million.
Total non-oil imports, classified according to the Basic Economic Classification (BEC) or end use, amounted to US$9.3 billion. Consumption goods imported amounted to US$2.3 billion. Intermediate imports totalled US$4.5 billion, while imports of capital goods were US$1.9 billion and others amounted to US$598 million.
However, private inward transfers to individuals increased marginally to reach US$1.3 billion between January and August, up from US$1.1 billion recorded in August 2010.
Also, the Gross International Reserves (GIR) of the Bank of Ghana was US$4.6 billion as at September 2011, equivalent to 3.5 months of import cover. As at October 13, GIR improved to US$5.3 billion, equivalent to 3.8 months of import cover.
The bilateral movement of the cedi against the US dollar, in nominal terms, recorded 3.2% depreciation from January to September 2011, compared to 0.1% appreciation over the same period in 2010. In trade weighted terms, the cedi recorded a nominal effective depreciation of 2.2% by end September. The trade weighted real effective depreciation was 0.2% during January to August 2011.
Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards
Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...
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