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Business News of Tuesday, 29 September 2015

Source: citifmonline

Ghana trade deficit hits $506 million

Ghana recorded a trade deficit of 506.4 million dollars for the first 8 months of 2015.

This is according to the Bank of Ghana Summary of Economic and Financial Data for September 2015. According to the figures, Ghana was still a net importer of oil with imports exceeding exports by 40.6 million dollars.

Total exports at the end of August was in excess of 735 million dollars while total imports was above 1 billion dollars.

The exports included Gold, Cocoa and Oil while imports involved oil and non-oil.

Ghana’s total exports included 249.5 million dollars from Gold , 67.2 million dollars from Cocoa and 136.2 million dollars from oil.

While Oil imports stood at 176.8 million dollars as compared to non-oil imports of above 1billion dollars.

Ghana’s Gross Foreign Assets as at August was above 4billion dollars representing 2.9 months of import cover.