• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, October 18, 2025
  • 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

Riding the Waves: Ghana’s Economic Odyssey Through 2023’s Commodity Market

M.Cby M.C
November 28, 2023
Reading Time: 3 mins read
M.Cby M.C
in One Top Story, Securities/Markets
0
Riding the Waves: Ghana’s Economic Odyssey Through 2023’s Commodity Market

The international commodity market has witnessed significant shifts throughout 2023, particularly in the context of Ghana’s major exports.

According to the data from Bank of Ghana, from January to October, key commodities like crude oil, cocoa, and gold have experienced noteworthy price fluctuations, shaping the economic landscape of the country.

Notable among the commodities is crude oil’s ascension. Crude oil, a cornerstone of Ghana’s export portfolio, has seen a remarkable 9.1 percent surge, reaching US$88.7 per barrel in October 2023.

RelatedPosts

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

Cedi’s 60th Anniversary to Mark Turning Point in Ghana’s Fight Against Dollarisation

GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down

This surge is attributed to global concerns about supply shortages, primarily emanating from extended production cuts by major players such as Saudi Arabia and Russia. The implications of these geopolitical decisions have played a pivotal role in steering oil prices upward, impacting Ghana’s revenue streams.

Moreover, cocoa’s resurgence is another eye catcher. Cocoa prices, a vital component of Ghana’s agricultural exports, have skyrocketed to levels reminiscent of the 1970s, reaching US$3,603.3 per tonne in October 2023.

This staggering 41.9 percent increase can be traced back to mounting concerns over tight supplies in Ivory Coast and Ghana, stemming from adverse weather conditions. As these two West African nations grapple with challenges in cocoa production, the repercussions are felt in the international market, significantly influencing prices.

ADVERTISEMENT

In addition, gold, known for its safe-haven status, experienced a 6.6 percent increase, settling at US$1,913.79 per fine ounce. This surge is primarily driven by expectations of a pause in U.S. Federal Reserve rate hikes and heightened demand for gold amid geopolitical tensions.

As investors seek refuge in precious metals during uncertain times, Ghana benefits from both the global economic climate and the intrinsic value of its gold reserves.

Trade Surplus and Import Dynamics

The positive momentum extends to Ghana’s trade balance, reflecting a higher surplus of US$2.1 billion in the first ten months of 2023, compared to US$1.8 billion during the same period in 2022. This surplus is fueled by a substantial reduction in imports relative to exports.

In a remarkable improvement in trade balance, total imports decreased by 8.9 percent to US$11.4 billion, with non-oil imports down by 9.3 percent to US$7.7 billion and oil and gas imports declining by 8.1 percent to US$3.7 billion.

Merchandise exports, however, faced a 6.4 percent decline, amounting to US$13.4 billion. This decline is predominantly driven by reduced crude oil exports, plunging by 33.5 percent to US$3.1 billion due to decreased volumes.

On the flip side, gold export earnings surged by 13.9 percent to US$6.1 billion, benefiting from both increased volume and higher prices. Cocoa beans exports also increased by 6.1 percent to US$1.1 billion, showcasing resilience in the face of challenges.

In contrast, ‘Other’ exports, including non-traditional exports, saw a marginal 1.1 percent decrease to an estimated value of US$2.6 billion. This nuanced picture of Ghana’s export dynamics underscores the importance of diversification and adaptability in navigating the complexities of the international commodity market.

While Ghana celebrates the positive strides in its commodity market, challenges persist. The sharp decline in crude oil exports underscores the vulnerability of the country’s economy to global supply dynamics.

As climate change continues to impact cocoa production in West Africa, maintaining the upward trajectory of cocoa prices becomes a delicate balancing act. It is imperative for Ghana to leverage its diversified export portfolio, exemplified by the resilience of gold, and implement strategic measures to mitigate the impact of external shocks.

By fostering innovation in agriculture, enhancing infrastructure, and exploring emerging markets, Ghana can fortify its position in the face of uncertainties, ensuring sustained economic growth beyond the fluctuations of the international commodity market.

Ghana’s commodity market in 2023 reflects a dynamic landscape, with gains in cocoa and gold prices offsetting the challenges faced by the crude oil sector. The positive trade balance and strategic shifts in imports and exports position Ghana to harness opportunities and navigate uncertainties in the evolving global economy.

READ ALSO: New Climate Finance Knowledge Hub Opens Up Opportunities For Financial Institutions, MSMES In Ghana

Tags: Cocoacommodity marketCrude OilgoldRiding the Waves: Ghana’s Economic Odyssey Through 2023’s Commodity Market
Please login to join discussion
Previous Post

Import Restriction LI: An Analysis of Ghana’s 22-Product List

Next Post

Ghana’s Anti-Witchcraft Bill In Limbo As It Fails To Receive Presidential Assent Months After Passage

Subscription Form

Related Posts

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week
Securities/Markets

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

October 18, 2025
Cedi’s 60th Anniversary to Mark Turning Point in Ghana’s Fight Against Dollarisation
Economy

Cedi’s 60th Anniversary to Mark Turning Point in Ghana’s Fight Against Dollarisation

October 17, 2025
GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down
Securities/Markets

GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down

October 17, 2025
Ghana's President John Dramani Mahama with President Xi Jinping of China
General News

Ghana Wins Big from President Mahama’s Visit to China

October 16, 2025
Fan Milk, Guinness Lead GSE Rally as Market Cap Hits GHS167 Billion Milestone
Securities/Markets

Fan Milk, Guinness Lead GSE Rally as Market Cap Hits GHS167 Billion Milestone

October 16, 2025
A Brewing Debt Storm Threatens Ghana’s Recent Economic Gains
Economy

A Brewing Debt Storm Threatens Ghana’s Recent Economic Gains

October 15, 2025
Ghana and Nigeria Join Forces to Advance Energy Efficiency
Extractives/Energy

Ghana and Nigeria Join Forces to Advance Energy Efficiency

by Bless Banir YarayeOctober 18, 2025
BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures
Banking

BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures

by M.COctober 18, 2025
E&P Defends $100M Azumah Mine Acquisition, Rejects Allegations
Extractives/Energy

Engineers & Planners Finalizes $100M Azumah Resources Acquisition 

by Prince AgyapongOctober 18, 2025
Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week
Securities/Markets

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

by M.COctober 18, 2025
24-Hr Economy, Big Push to increase per capita – O’Brien poised
Economy

24-Hr Economy, Big Push to increase per capita – O’Brien poised

by Michael Teye-Bio NaduteyOctober 18, 2025
Kennedy Agyapong Is Ghana’s Trump, Says Former Deputy Finance Minister
General News

Kennedy Agyapong Urges NPP to Listen to Ghanaians for 2028 Victory

by Silas Kafui AssemOctober 17, 2025
Ghana and Nigeria Join Forces to Advance Energy Efficiency
BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures
E&P Defends $100M Azumah Mine Acquisition, Rejects Allegations
Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week
24-Hr Economy, Big Push to increase per capita – O’Brien poised
Kennedy Agyapong Is Ghana’s Trump, Says Former Deputy Finance Minister

Recent News

Ghana and Nigeria Join Forces to Advance Energy Efficiency

Ghana and Nigeria Join Forces to Advance Energy Efficiency

October 18, 2025
BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures

BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures

October 18, 2025
E&P Defends $100M Azumah Mine Acquisition, Rejects Allegations

Engineers & Planners Finalizes $100M Azumah Resources Acquisition 

October 18, 2025
Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

October 18, 2025
24-Hr Economy, Big Push to increase per capita – O’Brien poised

24-Hr Economy, Big Push to increase per capita – O’Brien poised

October 18, 2025
Kennedy Agyapong Is Ghana’s Trump, Says Former Deputy Finance Minister

Kennedy Agyapong Urges NPP to Listen to Ghanaians for 2028 Victory

October 17, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

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
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 © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address