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    Gold and Cocoa Push Ghana’s Exports to US$15.6 Billion in 2019

    Posted On 10 Oct 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Richard Adorsu-

    Photo Credit: Istock

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana–  The 2019 Financial Stability Review report released by the Bank of Ghana (BoG) has revealed that Ghana’s exports increased by 4.6 percent to $15.6 billion in 2019. This improvement in exports, according to the report, was driven largely by a 14.6 percent and 8.6 percent growth in gold and cocoa exports respectively.

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    “The general increase in commodity prices and volumes of export significantly impacted the trade balance. On the whole, Ghana’s exports increased by 4.6 percent to US$15.6 billion in 2019. This improvement in exports was driven largely by a 14.6 percent and 8.6 percent growth in gold and cocoa exports respectively. On the other hand, imports generally recorded a slower pace of growth in 2019, mainly as a result of a 9.2 percent contraction in oil and gas imports. These developments occasioned a trade surplus of US$2.3 billion (3.4 percent of GDP) in 2019, compared with US$1.8 billion (2.8 percent of GDP) in 2018,” the report stated.

    It added that the trade surplus and improvements in current transfers reduced the current account deficits by 2.5 percent of GDP in 2019.

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    A current account deficit of US$1.7 billion was recorded in 2019 as compared to US$2.0 billion in 2018.

    The overall balance of payments account recorded a surplus of US$1.3 billion in 2019, compared with a deficit of US$671.5 million in 2018. These developments translated into further improvements in the Gross International Reserves to US$8.4 billion, providing 4 months of import cover of goods and services in 2019.

    The trade surplus and improvements in current transfers reduced the current account deficits by 2.5 percent of GDP in 2019. A current account deficit of US$1.7 billion was recorded in 2019 as compared to US$2.0 billion in 2018.

     

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    12 Comments

    1. Kwamena October 10, 2020 at 5:36 am Reply

      Thank for the report, Journalist Adorsu. The government has being doing a fantastic job to grow our economic and is really paying off, in real time. Accra Ghana. Kwamena

      • New Africa Business News, Staff Correspondent October 10, 2020 at 5:37 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Susan October 10, 2020 at 5:39 am Reply

      Follower of your online newspaper on Facebook and thank you for the reports. London England. Susan

      • New Africa Business News, Staff Correspondent October 10, 2020 at 5:40 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Dofi October 10, 2020 at 5:44 am Reply

      I think our current Leadership in the government is doing a great job. Thank you for the report. Kumasi Ghana. Dofi

      • New Africa Business News, Staff Correspondent October 10, 2020 at 5:45 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Yolanda October 10, 2020 at 5:55 am Reply

      Please convey my warmest greetings to the founder and managing editor Mr. MBowe for his excellent Leadership and independency. Windhoek, Namibia. Yolanda

      • New Africa Business News, Staff Correspondent October 10, 2020 at 5:57 am Reply

        Will do. Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Danya October 10, 2020 at 6:58 am Reply

      Ghana and many other governments are steadily growing, despite of the foreign lotters and the governments enablers . That we let them, lott. Time to take care of ourselves and our people. Danya in Johannesburg, South Africa

      • New Africa Business News, Staff Correspondent October 10, 2020 at 6:59 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Paul October 10, 2020 at 7:03 am Reply

      Thank you for the newsletters. Paul in Juba South Sudan

      • New Africa Business News, Staff Correspondent October 10, 2020 at 7:04 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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