Ghana has recorded a positive trade balance of $2 billion from December 2019 to same month last year.
The recorded positive trade balance for 2020 represents a decline in trade surplus when compared to the $2.2 billion trade surplus recorded ending of December 2019.
The positive trade balance represents a decline from 3.4 percent of Gross Domestic Product, GDP to 3 percent.
The Bank of Ghana’s January 2021 Summary of Economic and Financial Data shows that the positive trade balance and total imports for the period under review amounted to $12.4 billion, with oil imports accounting for $1.9 billion and non-oil imports accounting for the remaining $10.5 billion.
When compared to figures from 2019, both oil and non-oil imports declined. The decline in imports can be partially attributed to the closure of borders of the country’s trading partners on the back of the Covid-19 pandemic.
Total exports for the period under review also declined from a total amount of $15.6 billion from 2019 to $14.4 billion in 2020. The fall in total exports for 2020 is attributed to the decline in demand for oil globally, as revenue from oil exports declined by a little over $1.5 billion.
Oil exports for end-2019 stood at $4.49 billion but declined to $2.91 billion at end of last year. Gold and cocoa exports on the other hand increased, with gold exports earning Ghana some $6.8 billion in 2020 as compared to the $6.2 billion earned in 2019.
Cocoa also earned Ghana some $2.3 billion last year as compared to some $2.2 billion earned for 2019.