A report of the Bank of Ghana has indicated that Ghana’s oil sector is the second largest contributor to the country’s exports for 2017.
Ghana made a total revenue of 13.8 billion dollars from her exports.
The official figures released by the BoG show that gold contributed the highest of about 5.8 billion dollars with oil raking in 3.1 billion dollars.
Cocoa, however, trailed with export revenue of 2.7 billion dollars.
The increased revenue from oil exports could be attributed to the coming onboard of new oilfields from the TEN as well as the gradual rise in the international price of crude oil.
The price of a barrel of crude rose from 63 to 72 dollars between December 2017 and April 2018.
Meanwhile, the price of cocoa on the international market rather dropped for a greater part of 2017.
The price of a tonne of cocoa dropped from 3,000 dollars to 2227 dollars between April and December,
Also, Ghana ended 2017 with total imports at 12.6 billion dollars.
The figures also reveal that oil and non-oil imports accounted for 1.9 and 10.6 billion dollars respectively.
In all, Ghana ended last year with a balance of trade surplus of 1.18 billion dollars, this means that the country exported more than it imported.