Despite the impact of coronavirus pandemic on global economies, Ghana recorded a trade balance of $2.015 billion in 2020, data from the Bank of Ghana has revealed.
This was equivalent to 3.0% of Gross Domestic Product.
According to the Bank of Ghana’s January Summary of Economic and Financial Data, total exports was estimated at $14.45 billion, whilst total imports was $12.43 billion.
But comparing it to 2019, the country earned $15.6 billion from exports, whereas imports was $13.4 billion.
Though coronavirus had led to partial lockdowns and restrictions in most economies, the nation benefited from diversified exports last year as gold, oil and cocoa raked in more revenue for the country. Gold and cocoa profited immensely from increased prices on the international market.
For exports, gold brought in more revenue of $6.7 billion, representing about 47% of total exports. It was followed by oil with $2.9 billion (20.1%) and cocoa with $2.3 billion (16.1%).
All other exports that is non-traditional exports brought in about $2.35 billion, representing 16.8% of total exports.
Cocoa price ended the year 2020, $62.9 higher than the $2,518 realized in 2019.
Gold also ended 2020, 25.4% higher than the 2019 price of $1,418.3. In December 2020, gold price was estimated at $1,860.7
Brent crude however lost 22.9% of its price in 2020. In December 2020, crude oil price stood at $50.2, compared to $65.2 in December 2019.
Source: Ghana News