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Ghana’s trade deficit rises, hits $4.2b end of 2012

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Trade Minister Haruna Iddrisu
Trade Minister Haruna Iddrisu

…imports inch up $17.7b; exports $13.5b

Ghana’s trade deficit continues to widen as not surprisingly the country imports more than exporting for the past decade.

Indeed the year 2012 was no exception. The country’s total merchandise exports rose 5.7% to $13.5 billion while imported goods reached $17.7 billion, an increase of 12.1% over 2011.

Ghana’s main export commodities were oil, cocoa and gold. According to the Bank of Ghana (BoG) figures, gold exports in 2012 were $5.6 billion followed by crude oil $3 billion and cocoa beans $2.8 billion.

Of the total imported merchandise, non-oil imports grew by 13.9% to $14.4 billion while oil imports rose by 5% to $3.3 billion, the central bank indicated at a press briefing of the Monetary Policy Committee (MPC) February 13, 2013.

“These developments resulted in a trade deficit of $4.2 billion in 2012, compared with $3.1 billion in 2011,” acting BoG governor, Dr Kofi Wampah told the press in Accra.

The country’s current account deficit was $4.9 billion during 2012 compared to $3.5 billion in 2011, the central bank estimated. It indicated that this was driven mainly by a deterioration of the trade balance.

By Ekow Quandzie

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3 comments

  1. GHANA WILL BROKE SOON BECAUSE NOTHING IS BEING MANUFACTURED LOCALLY. NO WONDER UNEMPLOYMENT IS SO HIGH GO FIGURE. IF CHINESE ARE DUMPING THEIR CHEAP PRODUCTS INTO GHANA SHORES THERE BY RENDERING UNEMPLOYMENT . SAD SAD SAD. THE GOVERNMENT SHOULD WORK WITH PRIVATE SECTOR TO RESOLVE SOME OF THESE ISSUES MUCH SOONER ELSE THIS IS HOPELESS SITUATION.

  2. ONCE COMMODITIES FALLS THIS ECONOMY WILL BE IN DISASTER AND COMMODITIES WILL EVENTUALLY FALL. GHANA EXPORTS ARE RAW MATERIALS NOTHING ELSE.

  3. A COUNTRY OF 24 MILLION PEOPLE WITH IDLE HANDS WITH 60% ARABLE LANDS AND YET KEEP IMPORTING FOOD WHOSE IDEA IS IT, WHERE IS AHOIE. IS UNFORTUNATE A COUNTRY FULL OF KNOWLEDGEABLE CANNOT GET SUCH A SIMPLE TASK TOGETHER AND CONTINUE TO SCRAP BY. IS A SHAME. MECHANIZED AGRICULTURE WITH IRRIGATION, EDUCATION, ACCOUNTABILITY IS A KEY. THIS NATION KNOW HOW TO SPEND BUT WHEN IT COMES TO COMMON SENSE OF NATION BUILDING IS A PROBLEM FOR MANY DECADES