Ghana imports $1.5b oil products first-five months of 2012

Oil imports into Ghana reached $1.5 billion in the first five months of 2012, according to the Bank of Ghana (BoG).

Oil imports in the same period of 2011 were $1.2 billion, the central bank said in a press release June 13, 2012.

Out of the total imports, crude oil amounted to $483.4 million while refined oil products were $967.9 million, the BoG said. Gas imports through the West Africa Gas Pipeline was estimated at $73.5 million between the five-month period.

On the other hand, total non-oil imports, categorized by the Broad Economic Classification (BEC), amounted to $6 billion, compared with $4.7 billion recorded in the corresponding period in 2011.

Capital imports of this, according to the release were estimated at $1.3 billion, intermediate imports $2.9 billion, consumption goods $1.3 billion and other imports $439 million.

Total merchandise imports were $7.5 billion during the five months, which indicated a growth of 27.9% on a year-on-year basis while total merchandise exports were $6.6 billion representing a year-on-year growth of 24.6 per cent.

There were higher receipts from gold, cocoa beans and crude oil exports as commodity prices increased during the period. “Export receipts from gold amounted to $2.7 billion, cocoa beans were $1.6 billion, while crude oil was $1.2 billion during the period,” the BoG said adding, “Other exports, including non traditional, amounted to $768.2 million”.

The central bank indicated that balance on the trade account therefore registered a deficit of $937.3 million by end May 2012, compared with a deficit of $597.2 million recorded in the same period a year ago.

Balance of Payments for the first quarter of 2012 also recorded a deficit of $1.3 billion, compared to a deficit of only $154.2 million in the same period of 2011.

The BoG attributed the widening balance of payments to the deterioration in both the current account and the financial and capital accounts.

By Ekow Quandzie