Gold hits second highest growth

Gold recorded its second highest growth of about 25 percent between August 2016 and August 2017.

Export revenue from the mineral went up from US$3billion to US$3.79billion within the one-year period.

However, cocoa recorded the least growth in export revenue of about 16 percent. The cash crop raked in US$1.99billion in August 2017 from the US$1.72billion recorded in August 2016.

Ghana is generally benefitting from increased revenue from its 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 US$8.95billion from is 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 represent a drop of 12.27% within the one-year period. The Bank of Ghana’s (BoG) summary of economic and financial data indicate that Ghana started recording positive balance of trade at least within the first quarter of 2017.

Ghana in August 2017 made US$8.95billion in export revenue from cocoa, oil and gold altogether. This represents US$1.95billion more compared to the US$7billion 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. In the same month, the country raked in US$1.68billion – up from the US$683million recorded in the same period last year.

On imports, Ghana’s oil imports witnessed the highest drop of about 28 percent – from US$1.2billion to US$900million. But non-oil imports such as food and other consumables amounted to US$6.86billion, down from the US$7.6billion between August 2016 and August this year.

Source: BF&T