…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