Ghana is benefiting from increased revenue from her exports which is ultimately expected to reduce the country’s burden on imports and correct the Balance of Trade (BoT).
The latest figures from the Bank of Ghana indicate that, the country received 8.95 billion dollars from her exports in August 2017, compared to the estimated 7 billion dollars it spent on importing goods for the same period in 2017.
While the total exports represent a growth of 27.8% between August 2016, and the same period in 2017, total imports represents a drop of 12.27% within the one year period.
The Bank of Ghana (BoG)’s summary of economic and financial data indicates that, Ghana started recording positive balance of trade at least within the first quarter of 2017.
The country in August 2017, made 8.95 billion dollars in export revenue from cocoa, oil and gold altogether.
This represents 1.95 billion dollars more, compared to the 7 billion dollars the country earned for the same period this year.
Of the amount, revenue from oil exports went up by over 140 percent between August 2016 and the same period in 2017.
The country, in August 2017, raked in 1.68 billion dollars up from the 683 million dollars recorded in the same period last year.
Meanwhile, gold recorded the second highest growth of about 25 percent. Export revenue from the mineral went up from 3 to 3.79 billion dollars within the one year period.
However, cocoa recorded the least growth in export revenue of about 16 percent.
The cash crop raked in 1.99 billion dollars in August 2017, from the 1.72 billion dollars recorded in August 2016.
On imports, Ghana’s oil imports witnessed the highest drop of about 28 percent; from 1.2 billion dollars to 900 million dollars.
But non-oil imports such as food and other consumables amounted to 6.86 billion dollars, down from the 7.6 billion dollars between August 2016 and August this year.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana