BUDGET: Receipts for cocoa was low in 2002

Accra, Feb. 27, GNA - Ghana's cocoa export receipts fell marginally to $463.4 million, lower than the targeted $469.0 million expected in 2002.

This could be attributed to the drop in the volume of cocoa beans exported in 2002 which, went from 310,476 tonnes in 2001 to 305,000 tonnes, attributed to smuggling and the onset of the black pod and capsid diseases during the 2001/2002 crop season.

Mr Yaw Osafo-Maafo, Minister of Finance, said this in Accra when he presented the 2002 budget statement to Parliament. He said the average price per tonne of cocoa beans went up! from $1,021 in 2001 to $1,266 in 2002.

He noted that the faster depreciating rate of the cedi relative to the dollar curtailed demand for imports in the country. Non-oil imports were $2,197 million in 2002 compared to $2,451.7 million in 2001.

As a result, trade balance recorded a deficit of $641.2 million equivalent to 11.2 per cent of GDP compared to a projected deficit of $821.6 million, equivalent to 14.0 per cent of GDP.

Trade deficit in 2001 was equivalent to 20.6per cent of GDP.

Mr Osafo-Maafo said Ghana's current account situation improved in 2002, due mainly to an improvement in the trade account, saying: "The current account, excluding official transfers, recorded a deficit of $204.6 million (3.6 per cent of GDP), and including official transfers, a marginal surplus of $15.6 million (0.3 per cent of GDP).

&n! bsp; The deficit on the current account (including official transfers) in 2001 was $324.5 million (6.1 per cent of GDP).

On capital account balance, Mr Osafo-Maafo said there was a net deficit of $47.6 million as compared to a projected inflow of $247.3 million. The surplus recorded on the capital account in 2001 was $392.2 million.

The developments in the current and capital accounts resulted in an overall balance of payments surplus of $39.8 million compared with a projected deficit of $145.9 million. The overall balance of payments in 2001 registered a surplus of $8.6 million.

He estimated that exceptional financing in 2002 at $118.0 million while the surplus on the balance of payments, net external reserves increased by $157.8 million.

The Minister said gross external reserves were, however, enough to cover 2.0 months of imports of goods and services at the end of the year.

Mr Osafo-Maafo said provisi! onal balance of payments outturn for the year showed that the external sector performance improved and broadly met expectations at the beginning of the year.

This improved performance of the external sector over that of 2001 was, primarily, due to an improvement in the trade account during the year. Estimated total exports receipts (f.o.b.) in 2002 amounted to $2,063.9 million slightly higher than the target of $2,036.8 million. This was achieved on account of favourable international prices for Ghana's major exports, notably gold, cocoa and timber.