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Ghana imports $1.72b worth of crude oil, gas and oil products

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Ghana from the period between January and July 2011 imported $1.72 billion worth of crude oil, gas and oil products, according to the Bank of Ghana.

This drove the entire merchandise imports of the country within the period to an amount of $8.6 billion, representing an annual growth of 45.4%.

According to the central bank, crude oil imports went up by $229.1 million to $825.9 million while imports of oil products increased by $180.9 million to $805.8 million as well as $94.5 million worth of gas was imported through the West African Gas Pipeline (WAGP).

Meanwhile, the country intends to import extra liquefied natural gas from the international market by 2013 aside supplies from Nigeria after launching a feasibility study into a floating storage and re-gasification unit (FSRU) which is funded with a $691,000 grant from the US Trade and Development Agency (USTDA).

On non-oil imports, classified according to the Basic Economic Classification (BEC) or end use, the Bank indicates that the value of consumer goods increased by $617.5 million to $1.7 billion as intermediate imports was also “up by $854.1 million to $3.4 billion, while imports of capital goods grew by $484.1 million to US$1.4 billion.”

Ghana’s total merchandise exports increased by $2.9 billion to $7.5 billion during the seven month period, representing 62.3% growth over the same period in 2010. It was driven by cocoa, oil and gold.

Meanwhile, the Ghana Export Promotion Council (GEPC) is projecting to earn $5 billion revenue from non-traditional exports by the year 2015.

The Head of Marketing and Promotion at the GEPC, Alexander Dzadzawa, told ghanabusinessnews.com that the council has adopted some strategies to target the West African market adding that so far Ghanaian exports mostly go to the European market.

Mr Dzadzawa revealed that, Ghana earned about $1.5 billion in 2009 from non-traditional exports while China earned about the same amount from ceramics export only.

By Ekow Quandzie

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2 comments

  1. Isn’t this worrying?Why not intensify the need for the gas project
    from the oil field?

  2. Ghana has a lot of gas, so why we should import gas because Atta Mills government has no vision, keep getting loans and spending on useless stuff nothing to show for. Cannot build gas processing plant and cannot equip Cardio center but Atta Mills goes to South Africa, Namibia for medicals whiles poor Ghanaians when they are sick no help, have no money to travel toseek medical attention.