Ghana’s Trade Balance for February 2017: Over $500m Surplus Recorded; Plus Other Positive Improvements

The Bank of Ghana (BoG) has released Ghana’s Trade Balance for the month of February, 2017. And the figures  reveal that Ghana’s total balance of trade for February 2017 recorded a surplus of 573 million dollars.

The February 2017 Balance of Trade by the Bank of Ghana show that export revenue from gold (1,176.4 million dollars) increased by over 50 percent; with the price of an ounce of gold moving from 1,198.8 dollars in February 2016 to 1,230.4 dollars in February 2017.

Similarly, oil export revenue (378.8 million dollars) experienced more than 70 percent increase; with the price of a barrel of oil moving from 32.1 dollars a barrel in February 2016 to about 55.8 dollars a barrel in February 2017.

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However, the country’s cocoa revenue for the period decreased by ten percent; dropping from 688.5 million dollars to 619 million dollars between the twelve months’ period. The prices received by the country for the traditional exports showed that a tonne of cocoa dropped by 34.2%; from 3046.6 dollars to 2003.8 dollars.

The summary of financial and economic data by the BoG also showed that the Ghana’s total exports hit 2,489.5 million dollars as at February 2017 ending. This indicates over fifty percent increase as against the 1,582 million dollars recorded in the same period last year.

On the other hand, total imports dropped from 2,156.1 million dollars to 1,916.5 million dollars between February 2016 and February 2017. In the same vein, total oil and non-oil imports dropped by 7.3 and 230 million dollars respectively. However, the country’s total non-oil import  (1,650.4 million dollars) was about six times more than its oil import (266.1 million dollars) for February 2017.

The $573m surplus from Ghana’s trade balance is equivalent to 1.3 percent of the country’s Gross Domestic Product for the period. The record is a significant improvement when compared to the over $500m deficit recorded in February 2016.

This recent development will certainly increase and strengthen the hopes of Ghanaians in the new government, as regards the journey towards economic transformation which they promised the citizenry.