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Data released by the Bank of Ghana reveals a 9% decline in Ghana’s export earnings as of August 2023. Total exports during this period amounted to $10.76 billion, down from the $11.81 billion recorded in August 2022.
However, despite the drop in exports, the trade account recorded a surplus of $2.0 billion in the first eight months of the year, compared to $1.6 billion in the same period last year. This surplus was primarily attributed to import reduction and declining exports.
Gold exports continued to be Ghana’s most significant export commodity, with exports increasing from $4.22 billion to $4.67 billion. The decline in total export earnings by 8.9% year-on-year to $10.8 billion was driven by a notable decrease in crude oil and cocoa product exports.
Crude oil exports saw a sharp decline of $1.5 billion due to an 18.8% reduction in production volumes and a 23.6% drop in prices during the review period. Cocoa exports, on the other hand, marginally decreased from $1.61 billion to $1.60 billion, and oil exports experienced a significant decrease from $3.82 billion to $2.65 billion. Other exports also decreased from $2.16 billion to $2.11 billion.
The trade balance as a percentage of GDP increased to 2.6%, surpassing the 2.1% recorded in 2022.
On the import side, Ghana reported a decrease from $10.25 billion to $8.74 billion. Total imports contracted by 14.7% to $8.8 billion, compared to $10.3 billion the previous year. This decline was attributed to a 13.1% contraction in non-oil imports to $6.1 billion and an 18.2% dip in oil and gas imports to $2.7 billion.
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