Ghana’s trade surplus hits US$2 billion in 2020

Despite the impact of coronavirus pandemic on global economies, Ghana recorded a trade surplus of US$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 US$14.45 billion, whilst total imports was US$12.43 billion.

But comparing it to 2019, the country earned US$15.6 billion from exports, whereas imports was US$13.4 billion.

Though coronavirus pandemic 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.

Gold was the biggest export earner, bringing in more revenue of US$6.7 billion, representing about 47% of total exports. It was followed by oil with US$2.9 billion (20.1%) and cocoa with US$2.3 billion (16.1%).

All other exports that is non-traditional exports brought in about US$2.35 billion, representing 16.8% of total exports.

Commodity prices

Cocoa price ended the year 2020, US$62.9 higher than the US$2,518 per tonne realized in 2019.

Gold also ended 2020, 25.4% higher than the 2019 price of US$1,418.3 an ounce. In December 2020, gold price was estimated at US$1,860.7

Brent crude however lost 22.9% of its price in 2020. In December 2020, crude oil price stood at US$50.2 per barrel, compared to US$65.2 in December 2019.