Oil, cocoa, gold drive Ghana’s total export value to $7.5b in seven months

Trade in crude oil, cocoa and gold on the international market has driven Ghana’s exports to an amount of $7.5 billion in seven months this year.

Figures posed by the Bank of Ghana show that the country’s merchandise exports increased by $2.9 billion representing a growth of 62.3% within the period from January to July 2011.

“The strong export growth was driven by gold, cocoa beans and crude oil,” Mr. Kwesi Amissah-Arthur, Governor of the Bank of Ghana, told reporters September 1, 2011 during a press conference in Accra.

Export of 12.6 million barrels of crude oil during the period was valued at $1.4 billion while gold and cocoa beans were $2.8 billion and $1.5 billion respectively.

The governor noted that commodity prices remain volatile reflecting uncertainties in the global economy.

“Gold prices surged to record levels on account of the weakening of the dollar. On the other hand a slowdown in growth and the anticipated resolution of the political stalemate in Libya contributed to the decline in crude oil prices,” said Mr. Amissah-Arthur.

By Ekow Quandzie