Gold exports shine with 15% increase to $7.6bn in 2023, while crude oil and cocoa exports slump
Ghana’s gold exports rose 15 per cent year-on-year to $7.6bn in 2023, driven by increased production and higher prices. According to the Bank of Ghana’s annual report, the expansion of Newmont Ahafo Mine, the resumption of operations at Anglogold Ashanti Obuasi Mine, and higher volumes from small-scale miners contributed to the growth in gold exports.
In contrast, earnings from crude oil exports fell 29.3 per cent to $3.84bn in 2023, due to lower prices and export volumes. The average realised price of crude oil declined 18.4 per cent to $81.78 per barrel, while export volumes decreased 13.4 per cent to 46.9 million barrels.
Cocoa exports also declined, falling 8.4 per cent to $2.12bn in 2023. While the average price of cocoa products increased 7.1 per cent to $3,289.39 per tonne, the volume of exports declined 23.8 per cent to 240,896.35 tonnes.
Provisional data showed that timber export receipts decreased 11.7 per cent to $142.55 million at the end of December 2023, mainly due to a 15.5 per cent decline in volume. However, the average realised price of timber increased to $491.02 per cubic metre in 2023, from $469.99 in 2022.
