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Business News of Tuesday, 26 October 2021


Here’s how some top 10 non-traditional export commodities fared in Q2 2021

Cocoa remains a key export commodity for Ghana Cocoa remains a key export commodity for Ghana

• Ghana’s export regime for commodities is making significant gains

• The sector recorded a 15 per cent increase in value amounting to US$316.53 million

• Cashew nuts, cocoa beans, aluminium were among the top earnings for Ghana

Ghana’s top 10 non-traditional commodities exported during the second quarter of 2021 witnessed a 15 percent increase in value, data from the Bank of Ghana has revealed.

Some of the top ten non-traditional commodities exported in the review period include; cashew nets which topped the list while others were aluminium, prepared or preserved tuna, palm oil among others.

According to the central bank’s second quarterly bulletin, the value of the aforementioned export amounts to US$316.53 million, compared to US$273.44 million earlier recorded for the same period in 2020.

For cashew nuts, which is the primary export commodity for Ghana, it accounted for US$116.17 million, representing 36.70 percent of the total exported non-traditional items.

Additionally, the Bank of Ghana report said aluminium witnessed a 144 percent rise from US$9.46 million recorded in the second quarter of 2020 to US$23.14 million recorded in the same period in 2021.

Meanwhile, another key export commodity which is palm oil and its fractions, prepared or preserved tuna recorded US$46.18 million and US$25.65 million respectively for the period, representing 14.59 percent and 8.10 percent respectively of the non-traditional exports market.

The central bank further noted that the value of merchandise exports for the second quarter of 2021 was estimated at US$3,641.28 million.

The second quarterly bulletin for 2021 attributed the increasing receipts from the exports of cocoa beans, crude oil, timber and other export commodities such as minerals and non-traditional exports.

But for import commodities, the Bank of Ghana noted that the total value of merchandise imports for the period under review amounted to US$3,426.39 million which was largely driven by increased demand for oil imports.