REVENUES from Ghana’s three major exports have seen a year-on-year increase by some $700 million, data from the Bank of Ghana (BoG), has revealed.
According to the bank’s Summary of Economic and Financial Data for January 2017, total revenue from gold, cocoa and oil in 2016 was pegged at $11.06 billion, 6.8 per cent up from the $10.36billion recorded in 2015.
Gold was the biggest gainer, recording an export revenue jump of more than 50 per cent to $4.92billion up from $3.21 million recorded in 2015.
Conversely, revenues from cocoa and oil slumped by 12.3 and 26.82per cent respectively.
Export revenues from cocoa fell to $2.42 billion in 2016 from $2.76billion in 2015, while oil revenues also fell to $1.41billion in 2016 from $1.93 billion in 2015.
This change in the trend of Ghana’s export revenues can be attributed to many factors, both internal and external.
For gold export, the surge in revenues is due to an increase in the commodity’s price on the international market and an improvement of the power crisis locally.
Gold price rallied higher in 2016 compared to 2015 – trading at an average of $1,237 an ounce in 2016 up from $1,164 in 2015.
An increase in power generation, which has helped ease if not end the long standing ‘dumsor’, has afforded mining companies cheaper and reliable power. Some mining companies were on the verge of collapse during the ‘dumsor’ era as they could not keep up with the high cost in using their plants.
With cocoa even though government has managed to address most of the challenges facing the sector, the price of the commodity on the world market in 2016 was poor. It averaged $2,750 a tonne in 2016 as against $3,025 in 2015.
Oil price on the world market was also extremely low in 2016 trading at an average of $46 a barrel compared to the $51 it traded averagely in 2015. Domestic challenges such a faulty turret bearing on the FPSO Kwame Nkrumah,the vessel operating on the Jubilee Fields in early part of 2016 resulted in significantly reducingthe country’s oil production.
On imports, the nation’s import bill stood at $12.7 billion with oil imports alone recording $1.6 billion while non-oil imports were $11 billion.
A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morganview all posts by: Nana Kwesi Coomson
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