Exports of cocoa beans and products increased by 1.7% to US$2.33 billion in last year, the 2020 annual report from the Bank of Ghana (BoG) has said.
The report also indicated that cocoa beans exported amounted to US$1.48 billion, an increase of 2.0% year-on-year.
The average realised price increased by 6.8% to US$2,527.33 per tonne, while export volume fell by 4.5% to 585,679 tonnes.
The report also indicated that earnings from cocoa products increased by 1.3% to US$0.85 billion, on account of a 4.0% increase in the average realised price, which settled at US$3,102.27 per metric tonne at the end of December 2020. Volume fell by 2.6% to 273,334 metric tonnes.
The value of timber exports fell by 20.7% to US$0.13 billion in the year under review.
The average realised price increased by 5.3% to US$592.49 per cubic metre in 2020, from US$562.47 per cubic metre in 2019.
The volume of timber exported declined by 24.7% to 226,158 cubic metres in 2020, from 300,455 cubic metres in 2019.
The value of “other exports”, which is made up of nontraditional exports, electricity, and other minerals (aluminium alloys, bauxite, diamond and manganese), was estimated at US$2.30 billion, compared to US$2.49 billion in 2019, representing a decline of 7.6%.
The total value of imports for 2020 was US$12.43 billion, down by 7.3%, compared to the outturn of US$13.41 billion in 2019.
However, the value of merchandise exports for the year was estimated at US$14.47 billion, down by 7.6%, compared to US$15.67 billion for 2019.
Oil and non-oil Imports
According to the report, the value of oil imports (comprising crude, gas, and refined products) decreased by 21.9% to US$1.89 billion in 2020, from US$2.42 billion in 2019.
This was driven largely by lower oil prices on the international market. Non-oil imports in 2020 declined by 4.1% to US$10.54 billion.