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Ghana’s export trade hits $10.1b in 2012 but outweighed by importation

Ghana’s export trade recorded an annual growth of 3% in the first three quarters of 2012.

The country registered a value of $10.1 billion in terms of the total merchandises exported during the period compared to $9.8 billion in the same period of 2011, according to the Bank of Ghana (BoG).

Ghana exported $4.1 billion worth of gold, $1.9 billion cocoa beans and $2.1 billion crude oil, the during 2012, the central bank said.

It noted that other exports amounted to $2 billion.

Despite the growth rate in exports, Ghana’s import rate continues to rise therefore widening the country’s trade deficit.

The BoG noted that the country’s total merchandise imports amounted to $13.2 billion for the first three quarters of 2012 compared with $11.5 billion in the same period of 2011.

Oil imports, including crude, gas and refined products, amounted to $2.5 billion, against $2.2 billion recorded in 2011, it said

“Crude oil imports amounted to $681.9 million while imports of refined oil products were $1.7 billion. Gas imports through the West African Gas Pipeline amounted to $128.7 million,” the BoG said in a Monetary Policy Committee (MPC) press release November 14, 2012.

Total non-oil imports, the release said, grew by 15.1% to $10.7 billion in the three quarters of 2012. Of this, the BoG indicated that capital imports were estimated at $2.4 billion (22% of total imports), intermediate imports amounted to $5.2 billion (48.3%), consumption imports, $2.4 billion (22%) and other imports $873.4 million.

BoG data shows that from January to September 2012, the current account deficit was $4 billion, as against $1.7 billion recorded in the same period of 2011. This outturn was mainly attributed to a trade deficit of $3.2 billion, a net services and income outflows of $2.7 billion, and a net inflow from transfers of $1.8 billion during the period, it added.

The data further stated that the capital and financial account improved to $1.6 billion in the first three quarters of 2012, compared with $1.3 billion in the same period of 2011. “This was accounted for by increased net portfolio investments and Foreign Direct Investments,” the BoG observed.

The overall balance of payments, according to the central bank, resulted in a deficit of $2.3 billion during the period, compared to a deficit of $288 million for the corresponding period of 2011.

By Ekow Quandzie

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