Data reveals how Ghana experienced significant improvement in exports in 2018

January 29, 2019 11:26 AM

The Bank of Ghana (BoG) has released some figures which indicate that the country’s exports increased significantly between 2017 and 2018.

Data reveals how Ghana experienced a significant improvement in exports in 2018

According to the central bank, there has been considerable improvement in Ghana’s export. This helped in adding more than $1 billion to Ghana’s export figures for 2018.

The total exports Ghana recorded in 2017 was $13.835 billion whereas in 2018, the exported goods worth $14.868 billion.

This represents an increase of 7.5 per cent in exports over the period.

The data from the BoG said that the country’s improvement in exports was largely driven by the oil sector.

Receipts from oil exports increased from $3.1 billion in 2017 to $4.5 billion in 2018.

Also, the total imports receipt also witnessed an increase in 2018 as compared to imports in 2017. It increased from $12.647 billion in 2017 to $13.089 billion.

Meanwhile, the data revealed that the country had a marginal decrease in the exportation of gold and cocoa.

Gold exports declined from $5.7 billion in 2017 to $5.4 billion in 2018. This represents a decline of 5.6 per cent.

Cocoa exports which stood at $2.6 billion in 2017 dropped significantly by 21.4 per cent to $2.09 billion in 2018.