Ghana’s imports decline

Ghana’s total imports have declined from US$7.3 billion to US$6 billion, representing a 17.8 percent reduction.

The decline was attributed to a 19.7 percent year-on-year decline in non-oil imports to US$4.6 billion.

Dr. Kofi Wampah, Governor of the Bank of Ghana (BoG), who made this known, said the trade deficit narrowed significantly to US$156.6 million from January to May 2014 compared to a deficit of $990.8 million in the corresponding period of 2013.

He said provisional estimates indicated that the merchandise trade deficit for the period January to May 2014 contracted sharply on the back of a significant decline in imports, outpacing the slowdown in exports.

Dr. Wampah said total merchandise exports was US$5.9 billion, down by 7.5 percent from the US$6.3 billion recorded in the same period of 2013.

This, he said, was mainly due to lower earnings in gold and crude oil, stating that Gold exports amounted to US$1.8 billion.

Gold prices and volumes fell by 17 and 7 percent year-on-year respectively.

“This compares with gold export earnings of US$2.3 billion in the corresponding period of 2013,” Dr. Kofi Wampah said.

He said cocoa beans and products amounted to US$1.5 billion compared with US$1.3 billion for 2013, representing a growth of 14.4 percent.

“Crude oil exports declined to US$1.6 billion from US$1.7 billion in 2013 on the back of lower production volumes, which fell by 8 percent although prices inched up marginally by 1.3 percent,” Dr. Kofi Wampah said.

He said Non-traditional export earnings (including timber and other minerals) remained unchanged at US$1 billion.

Dr. Kofi Wampah said total remittances to individuals increased to US$692 million in January to May 2014 from US$652 million in the same period of 2013.