Ghana cuts trade deficit by $100m in first half 2013

…as cocoa, gold earnings drop

Ghana has improved on its trade deficit. The country during the first-half of 2013 reduced its trade deficit by $100 million, new data shows.

The trade deficit marginally improved to $1.2 billion during the 2013 period from $1.3 billion in 2012, according to the Bank of Ghana.

The central bank indicated that the improvement was on an account of a slow-down of both imports and exports which declined  by 2.6% and 0.8% respectively.

Making an assessment on the Ghanaian economy for the first-half year, the BoG’s Monetary Policy Committee (MPC) Chaired by the Governor, Dr Kofi Wampah, noted that Ghana’s exports were $7.5 billion while imports amounted to $8.6 billion.

“Merchandise exports were $7.5 billion, declining by 0.8% in 2013; while imports declined by 2.6% to $8.6 billion, reflecting in both oil and non-oil imports,” Dr Wampah told reporters in Accra July 31, 2013.

The central bank estimated that export earnings from gold and cocoa beans during the half-year were $2.7 billion and $1.2 billion respectively, compared to $3.2 billion and $1.6 billion in 2012 due to lower prices and volumes.

The BoG noted that oil exports, however, increased by 47.7% in 2013 to $2 billion adding that this was as a result of “increased production by the Jubilee Partners”.

By Ekow Quandzie