Accra, Jan. 5, GNA - Ghana enjoyed favourable development in her two major export commodities of cocoa and gold, which contributed significantly to a strong performance of exports in the year. Mr Yaw Osafo Maafo, Minister of Finance and Economic Planning, announced when he presented this year's Budget to Parliament on Thursday.
He said value of exports was provisionally estimated at 2,297.2 million dollars, compared with 2,015.2 million dollars recorded in 2002 and 1,867.1 dollars million in 2001.
He said total exports in 2003, however, marginally fell short of the programmed value of 2,314.0 million dollars by 0.7 per cent primarily as a result of the closure of VALCO, which had been expected to contribute about 150.0 million dollars in exports value of aluminium. Cocoa production for the 2002 - 2003 crop season (October 2002 to September 2003) was 496,869 tonnes, the highest level recorded since 1964.
The Minister said despite the high production of cocoa during the 2002 -2003 season the volume of exported cocoa beans in 2003 grew by only 11.4 per cent due to the policy to add more value domestically. Cocoa products on the other hand, recorded 54.0 per cent growth in value and 87.3 per cent growth in prices.
He announced that gold exports grew by 20.5 per cent to 830.1 million dollars because of rise in price to 364.5 dollars per fine ounce. Gold exports in 2003 expanded by only 2.3 per cent over the quantities exported in 2002.
The share of gold in total exports value was estimated at 36.14 per cent, compared to 34.19 per cent in 2002, the Minister said. Exports of other goods (including those in the non-traditional category) amounted to an estimated 490.1 million dollars, equivalent to 21.3 per cent of total exports in 2003, reflecting a steep decline from the levels attained in previous years.
Mr Osafo-Maafo said the closure of VALCO, which was expected to contribute about 150.0 million dollars during the year and the slow down in exports such as electricity, residual oil and bauxite, were some of the factors that contributed to the decline.
He said provisional estimates indicated that imports of goods rose to 2,969.4 million dollars, an increase of 10 per cent from 2,707.0 million dollars recorded in 2002 and six per cent lower than the 3168 million dollars programmed for 2003.
Mr Osafo-Maafo said the increase in imports was the result of 10 per cent rise in both oil and non-oil imports.
The persistent appreciation of the Euro relative to the US dollar almost throughout the year increased the value of dollar-denominated non-oil imports.
Oil imports, on the other hand, were affected by rising prices following the war in Iraq, the cut in production by OPEC, and the need to meet increased domestic consumption.
The Services Account registered a deficit of 371.6 million dollars during the review year, driven mainly by large payments in freight and insurance on merchandise imports and travel services.
The Minister said at the same time, current transfers, from both private and official sources recorded net inflows of 850.5 million dollars and 234.1 million dollars, respectively, resulting in a surplus of 713 million dollars on the invisibles account balance.
Accra, Jan. 5, GNA - Ghana enjoyed favourable development in her two major export commodities of cocoa and gold, which contributed significantly to a strong performance of exports in the year. Mr Yaw Osafo Maafo, Minister of Finance and Economic Planning, announced when he presented this year's Budget to Parliament on Thursday.
He said value of exports was provisionally estimated at 2,297.2 million dollars, compared with 2,015.2 million dollars recorded in 2002 and 1,867.1 dollars million in 2001.
He said total exports in 2003, however, marginally fell short of the programmed value of 2,314.0 million dollars by 0.7 per cent primarily as a result of the closure of VALCO, which had been expected to contribute about 150.0 million dollars in exports value of aluminium. Cocoa production for the 2002 - 2003 crop season (October 2002 to September 2003) was 496,869 tonnes, the highest level recorded since 1964.
The Minister said despite the high production of cocoa during the 2002 -2003 season the volume of exported cocoa beans in 2003 grew by only 11.4 per cent due to the policy to add more value domestically. Cocoa products on the other hand, recorded 54.0 per cent growth in value and 87.3 per cent growth in prices.
He announced that gold exports grew by 20.5 per cent to 830.1 million dollars because of rise in price to 364.5 dollars per fine ounce. Gold exports in 2003 expanded by only 2.3 per cent over the quantities exported in 2002.
The share of gold in total exports value was estimated at 36.14 per cent, compared to 34.19 per cent in 2002, the Minister said. Exports of other goods (including those in the non-traditional category) amounted to an estimated 490.1 million dollars, equivalent to 21.3 per cent of total exports in 2003, reflecting a steep decline from the levels attained in previous years.
Mr Osafo-Maafo said the closure of VALCO, which was expected to contribute about 150.0 million dollars during the year and the slow down in exports such as electricity, residual oil and bauxite, were some of the factors that contributed to the decline.
He said provisional estimates indicated that imports of goods rose to 2,969.4 million dollars, an increase of 10 per cent from 2,707.0 million dollars recorded in 2002 and six per cent lower than the 3168 million dollars programmed for 2003.
Mr Osafo-Maafo said the increase in imports was the result of 10 per cent rise in both oil and non-oil imports.
The persistent appreciation of the Euro relative to the US dollar almost throughout the year increased the value of dollar-denominated non-oil imports.
Oil imports, on the other hand, were affected by rising prices following the war in Iraq, the cut in production by OPEC, and the need to meet increased domestic consumption.
The Services Account registered a deficit of 371.6 million dollars during the review year, driven mainly by large payments in freight and insurance on merchandise imports and travel services.
The Minister said at the same time, current transfers, from both private and official sources recorded net inflows of 850.5 million dollars and 234.1 million dollars, respectively, resulting in a surplus of 713 million dollars on the invisibles account balance.
