Ghana continues to record trade deficits with a plunge of $1.6b in 2015

Ghana has continued to record trade deficits even in 2015. The factors for the deficit can be attributed to the falling commodity prices on the world market.

According to Bank of Ghana data, total exports amounted to approximately $2.4 billion as at December 2015, and this is from the three main exports – gold, cocoa and oil. Gold exports earned the country $730.5 million, cocoa brought in $659.4 million and oil exports were $429.4 million.

Total imports amounted to approximately $4 billion leaving a trade deficit of approximately $1.6 billion.

The country spent the following amount on imports. Oil imports cost the country $477 million and non-oil imports cost the country approximately $3.5 billion.

In September 2015, the Governor of the Bank of Ghana, Dr Henry Wampah told journalists that the country’s export receipts have been impacted by lower commodity prices, mainly gold and oil.

It appears the trend is continuing. In 2014, the country recorded a trade deficit of about $3 billion.

By Emmanuel K. Dogbevi