Ghana spends more on oil imports than it exports

Ghana is an oil producing country, but the country spends more of its foreign exchange importing oil than it gets from its exports of the commodity.

According to Bank of Ghana data, as at May 2015 Ghana spent $195.5 million importing oil, but earns $188.1 million from its exports.

Overall, the country has a trade deficit. Within the same period, the country exported goods worth $963 million but imports cost the country a little over $1 billion leaving the country with a trade deficit of approximately $93 million.

Gold exports generated $319 million and cocoa was $214.1 million.

Non-oil imports cost the country $860 million.

By Emmanuel K. Dogbevi