February 2017 Ghana’s Trade surplus hits over $500m

  |   Ghana News

According to new data from the Central Bank of Ghana, the total balance of trade for February 2017 recorded a surplus of 573 million dollars.This is equivalent to 1.3 percent of Gross Domestic Product for the period.

While export revenue from gold (1,176.4 million dollars) and oil (378.8 million dollars) increased by over 50 and 70 percent respectively, the country's revenue from its cocoa yielded a drop in revenue from 688.5 million dollars to 619 million dollars between the twelve months' period.

Similarly, 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 prices received by the country for the traditional exports showed that a tonne of cocoa dropped by 34.2 percent; from 3046.6 dollars to 2003.8 dollars.

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