• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, June 3, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Gold and Cocoa Export Shoot Up By Over 15% and 30% Respectively As Crude Oil Goes Down By over 35%- BoG

May 23, 2023
Stephen M.CbyStephen M.C
in Extractives/Energy
0
Gold and Cocoa Export Shoot Up By Over 15% and 30% Respectively As Crude Oil Goes Down By over 35%- BoG

The Bank of Ghana (BoG) has indicated that prices of Ghana’s key exports such as gold, cocoa, and crude oil remained volatile on the international commodities market.

According to the BoG, the price volatility and varied production volumes of the key commodities impacted export performance during the period.

From January to April this year 2023, total export earnings declined by 3.6 percent year-on-year to US$5.6 billion, on the back of lower crude oil exports and to a lesser extent non-traditional exports, as gold and cocoa exports increased.

RelatedPosts

Asante Gold Reports More Than $270 million Revenue in Gold Sales in the First Quarter of 2023

Bulk Oil Distribution Companies Lament Preferential Treatment of BOST in Fuel Allocation As their Losses Skyrocket to $1 million

CBOD Clarifies Its Stance On Gold-for-Oil Policy

Crude oil exports fell by 36.7 percent to US$1.2 billion, mainly on account of both lower price and production volume effects as the TEN fields declined from a production of 30,000 barrels per day to 24,000 barrels per day.

However, gold exports increased by 15.9 percent to US$2.2 billion driven by higher export volumes, and cocoa beans export also rose by 30.3 percent to US$950.8 million, largely on the back of increased production volumes.

On the international commodities market, prices of Ghana’s key exports remained volatile. Brent crude oil prices fell by 21.8 percent on year-on-year basis to US$82.7 per barrel in April 2023, compared with US$105.8 per barrel in April 2022, mainly on the back of reduced demand amid fears of a recession.

Cocoa prices remained elevated during the first four months of 2023 driven mainly by lower production volumes from top grower Ivory Coast. At US$2,612.80 per tonne in January 2023, cocoa prices rose by 13.0 percent on year-on-year basis to US$2,924.37 per tonne in April.

Gold prices have remained bullish this year, supported by economic uncertainty. In April 2023, the average price of gold reached an all-time high of US$2,000.69 per fine ounce, up 3.4 percent on a year-on-year basis.

Total Import Bill Down

The total import bill over the review period was provisionally estimated at US$4.0 billion, down by 13.9 percent year-on-year, and driven largely by non-oil imports and to a lesser extent by oil and gas imports.

Non-oil imports compressed by 16.8 percent year-on-year to US$2.8 billion, in line with slowdown in economic activities, currency depreciation and easing global inflation. Oil and gas imports dropped by 6.3 percent to US$1.2 billion, due to declining crude oil prices on the international market.

The higher Import compression relative to the marginal decline in export earnings resulted in a trade surplus of US$1.6 billion in the first four months of 2023, compared to a trade surplus of US$1.2 billion in the same period of 2022.

The current account recorded a surplus of US$661 million in the first quarter of 2023, compared with a deficit of US$554 million over the same period in 2022, on account of the larger trade surplus, lower services, and income payments due to the external debt service suspension and higher remittance flows.

The capital and financial accounts, however, recorded a net outflow of US$956 million, compared with a net outflow of US$451 million in the corresponding period of 2022. This was on the back of lower foreign direct investment inflows, portfolio reversals and other investment outflows.

The developments In the current and capital and financial accounts resulted in an overall balance of payments deficit of US$354 million in the first quarter of 2023 compared with US$934 million deficit recorded in the same period in 2022.

Gross International Reserves at the end of March 2023 stood at US$5.1 billion, equivalent to 2.4 months of import cover, compared with the end-December 2022 stock position of US$6.2 billion, equivalent to 2.7 months of import cover. Gross International Reserves, excluding oil funds, encumbered and pledged assets, stood at US$1.4 billion.

Net International Reserves as of March 2023 stood at US$2.1 billion. With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, Gross International Reserves have increased to US$5.7 billion as at Friday, 19th May, 2023, equivalent to 2.6 months of imports cover

READ ALSO: DDEP: Most Banks Reported Significant Losses On The Back Of The Mark-To-Market Valuation Losses On Their Respective Holdings- BoG

Tags: Balance of payment deficitCocoaCrude Oilcurrent accountgold

Related Posts

Asante Gold Reports More Than $270 million Revenue in Gold Sales in the First Quarter of 2023
Extractives/Energy

Asante Gold Reports More Than $270 million Revenue in Gold Sales in the First Quarter of 2023

June 2, 2023
Bulk Oil Distribution Companies Lament Preferential Treatment of BOST in Fuel Allocation As their Losses Skyrocket to $1 million
Extractives/Energy

Bulk Oil Distribution Companies Lament Preferential Treatment of BOST in Fuel Allocation As their Losses Skyrocket to $1 million

June 1, 2023
CBOD Clarifies Its Stance On Gold-for-Oil Policy
Extractives/Energy

CBOD Clarifies Its Stance On Gold-for-Oil Policy

June 1, 2023
TotalEnergies Secures a 20-Year License Renewal for Nigerian Block
Extractives/Energy

TotalEnergies Secures a 20-Year License Renewal for Nigerian Block

May 30, 2023
Monetisation Of Fiscal Deficit Lessening Monetary Policy – Prof. Bokpin
Extractives/Energy

Bank of Ghana Unveils Plans To Exit From Gold-for-Oil Programme To Stabilize Economy

May 26, 2023
CSOs Coalition Express Grave Concerns Over Aker Energy’s ‘Face-Saving’ Sale of Pecan Field for $1
Extractives/Energy

CSOs Coalition Express Grave Concerns Over Aker Energy’s ‘Face-Saving’ Sale of Pecan Field for $1

May 27, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Kumawu By-Elections: EC Rebukes Officials Signing Of Pink Sheet Before The End Of Polls

Next Post

Dangote Refinery Makes West Africa Better And Stronger- Akufo-Addo

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Ghana has Sufficient Food Despite Its Economic Difficulties- Akufo-Addo
General News

Kpebu Excited Akufo-Addo Will Leave Presidency Seat Soon

by Samuel Y. OtibuJune 3, 2023
Uganda anti-LGBTQ activist march against same sex relationship in the country.
Africa

LGBTQ+ People Fleeing Uganda Out Of Fear For Their Lives

by Sampson AnnorJune 3, 2023
U.S Will Not Tolerate Any Coercion And Bullying Of Its Allies By China- Austin
Asia

U.S Will Not Tolerate Any Coercion And Bullying Of Its Allies By China- Austin

by Comfort AmpomaaJune 3, 2023
World Bank Cautions Ghana Of Prospective Financing Cuts To Some Social Intervention Programs In Ghana
Economy

World Bank Cautions Ghana Of Prospective Financing Cuts To Some Social Intervention Programs In Ghana

by Gifty BansahJune 3, 2023
Over 300 Perish In An Indian Train Crush
Asia

Over 300 Perish In An Indian Train Crush

by Sampson AnnorJune 3, 2023
Mamprugu Overlord Calls For Disarmament By Warring Factions
General News

Mamprugu Overlord Calls For Disarmament By Warring Factions

by Angeller AshongJune 3, 2023
Ghana has Sufficient Food Despite Its Economic Difficulties- Akufo-Addo
Uganda anti-LGBTQ activist march against same sex relationship in the country.
U.S Will Not Tolerate Any Coercion And Bullying Of Its Allies By China- Austin
World Bank Cautions Ghana Of Prospective Financing Cuts To Some Social Intervention Programs In Ghana
Over 300 Perish In An Indian Train Crush
Mamprugu Overlord Calls For Disarmament By Warring Factions
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In