Ghana's trade balance recorded a deficit of 277.3 million dollars during the first half of this year, Mr Yaw Osafo-Maafo, Minister of Finance told Parliament on Thursday.
Presenting a mid-year review of the Budget Statement and Economic Policy of the government, Mr Osafo-Maafo said Cocoa exports receipts amounted to 238.6 million dollars while gold earned 317.7 million dollars.
Timber exports contributed 87.8 million dollars to total exports during the period. Earnings from other sources including non-traditional exports amounted to 321.1 million dollars.
He said oil import was 255.5 million dollars and non-oil imports totalled 987.0 million dollars.
"The net balance on the services account for the period showed a deficit of 94.4 million dollars, while unrequited transfers recorded a net inflow of 334.5 million dollars, of which official transfers were 140.5 million dollars and private transfers were 193.9 million dollars.
"The capital account showed a net outflow of 1.2 million dollars, arising from a net official capital outflow of 33.2 million dollars and the net private capital inflow of 32.0 million dollars.
Mr Osafo-Maafo said the net capital inflows were not enough to finance the current account deficit, resulting in an overall balance of payments deficit of 38.4 million dollars for the half-year, which was financed by drawing down on external reserves, leaving gross external results at the equivalent of about one month of imports.
