Ghana’s total exports reached $14.868 billion in 2018 from $13.835 billion in 2017, latest figures from the Bank of Ghana have shown.
This represents an increase of 7.5 percent in exports over the period.
As a result, Ghana’s trade figures for 2018 show that the country recorded a trade surplus of $1.7 billion. This translates into 2.7 percent of the country’s GDP for 2018.
The central bank’s latest economic data show that the country’s increased exports was largely driven by the oil sector.
Receipts from oil exports increased from $3.1 billion in 2017 to $4.5 billion in 2018. Gold exports on the other hand witnessed a marginal decline from $5.7 billion exported in 2017 to $5.4 billion exported in 2018. This represents a decline of 5.6 percent.
Cocoa just like gold also saw a decline in exports last year. While cocoa exports for 2017 stood at $2.6 billion, the figure for 2018 dropped significantly by 21.4 percent to $2.09 billion for 2018.
Between December 2017 and the same period last year, a barrel of oil went down by 11.8 percent from an average of $61.19 in December of 2017 to $53.96 in December 2018.
Also, the price for an ounce of fine gold reduced for the period by 1.1 percent; from $1,264 to $1,250. However, the average monthly price of cocoa increased by 15 percent for the same period. A tonne of cocoa ended 2018 at an average price of $2,208 compared to the $1917 recorded December 2017.