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.
US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items
In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...
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