Ghana: Gold, oil and cocoa boost exports to $14.3bn; trade surplus hits $1.8bn

Total exports at the end of the month of October 2022, stood at $14.3bn.

Total exports value of $14.3bn, according to the November 2022 Summary of Economic and Financial Data, mainly comprised $5.3bn gold exports, $1.7bn cocoa exports and $4.6bn crude oil exports.

Compared to the $12.1bn total exports recorded same period last year, value of Ghana’s total exports grew by $2.2bn on a year-on-year basis.

Accounting for the increase in value of total exports were increased exports of gold and crude oil. Value of cocoa exports declined within the review period.

Value of gold and crude oil exports grew from $4.2bn to $5.3bn and $3.1bn and $4.6bn in October 2021 and October 2022 respectively.

Cocoa exports on the other hand declined in value from $2.4bn to $1.7bn in October 2021 and October 2022 respectively.

Value of total imports at end-October 2022 stood at $12.4bn, an increase of $1.3bn when compared to the $11.1bn total imports value recorded at end-October 2021.

Trade surplus from the country’s exports and imports stood at $1.8bn (2.8% of GDP) at end-October 2022, an increase of $856m from the $10.2bn imports value recorded same period last year.

Ghana’s trade surplus within the review period could have been more if not for the decline in the prices of the three commodities.

Price of cocoa at end-October recorded a 5.8% decline, with cocoa selling for $2,337 per tonne from the $2,632 per tonne of cocoa in October 2021.

Price of gold also declined by 6.9% whereas price of crude oil increased by 25.1%.

Gold and Brent crude oil prices at end-October sold for $1,666 per ounce and $93.6 per barrel, as against last year’s $1,775 per ounce and $83.8 per barrel.

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