[ 2021-02-01 ]

Ghana records trade surplus of $2bn in 2020

Source: Charles Nixon Yeboah

Despite the impact of coronavirus pandemic on
global economies, Ghana recorded a trade surplus
of $2.015 billion in 2020, data from the Bank of
Ghana has revealed.

This was equivalent to 3.0% of Gross Domestic
Product.

According to the Bank of Ghana’s January Summary
of Economic and Financial Data, total exports was
estimated at $14.45 billion, whilst total imports
was $12.43 billion.

But comparing it to 2019, the country earned $15.6
billion from exports, whereas imports was $13.4
billion.

Though coronavirus pandemic had led to partial
lockdowns and restrictions in most economies, the
nation benefited from diversified exports last
year as gold, oil and cocoa raked in more revenue
for the country. Gold and cocoa profited immensely
from increased prices on the international
market.

Gold was the biggest export earner, bringing in
more revenue of $6.7 billion, representing about
47% of total exports. It was followed by oil with
$2.9 billion (20.1%) and cocoa with $2.3 billion
(16.1%).

All other exports that is non-traditional exports
brought in about $2.35 billion, representing 16.8%
of total exports.

Commodity prices

Cocoa price ended the year 2020, $62.9 higher than
the $2,518 per tonne realized in 2019.

Gold also ended 2020, 25.4% higher than the 2019
price of $1,418.3 an ounce. In December 2020, gold
price was estimated at $1,860.7

Brent crude however lost 22.9% of its price in
2020. In December 2020, crude oil price stood at
$50.2 per barrel, compared to $65.2 in December
2019.

Source - Myjoyonline

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