Ghana’s trade surplus in the 10 months through October more than doubled from a year earlier as shipments of crude oil increased.
The West African nation recorded a surplus of $1.7 billion compared with $731 million in January-October 2017, the Bank of Ghana (BoG) said in a summary of economic and financial data posted on its website.
Crude oil exports increased 66 percent to $3.8 billion.
Total exports rose 12.6 percent to $12.5 billion while imports climbed 4 percent to $10.9 billion.
Shipments of cocoa dropped 21 percent to $1.7 billion while gold fell 2.7 percent to $4.8 billion.
Also, Ghana’s gross international reserves decreased to $6.4 billion at the end of October from $6.9 billion a year earlier, with loans advanced by banks rising to GH¢41.7 billion ($8.6 billion) at the end of October from GH¢38.4 billion a year earlier. The ratio of non-performing loans dropped to 20.1 percent from 21.6 percent.
Ghana began producing crude for export in 2010 when Tullow Plc started the Jubilee Oil field.
Governor Addison also revealed that Ghana’s Central Bank kept its benchmark interest rate at a 4 1/2-year low for a third consecutive meeting, as the currency stabilized and inflation remained within its target band.
The Bank of Ghana maintained the rate at 17 percent, it made known to reporters Monday in Accra.
-Bloomberg