BusinessEconomy

Ghana cedi depreciates 0.6% for first seven months of 2021

The Bank of Ghana’s first-quarter economic bulletin shows the Ghana cedi appreciated against the three major currencies in the first quarter of 2021

The Ghana cedi recorded a depreciation of 0.6% against the US dollar, compared with a depreciation of 2.5% for the same period of 2020, data from the Bank of Ghana has shown.

The Ghana cedi also depreciated by 1.2% against the Pound Sterling but appreciated by 3.6% against the Euro over the same period.

On the external sector, commodity prices broadly reflected developments in the global economy.

Crude oil prices have remained bullish since the beginning of the year due to a rebound of economic activity alongside production limits by OPEC+.

The average price of crude oil went up by 46.0% on a year-to date basis to US$73.3 per barrel in June 2021.

Commodities

Gold prices declined marginally by 1.2% to average US$1,829.3 per fine ounce in June 2021. Gold prices have rallied since the pandemic started due to the safe-haven appeal of the metal amid an uncertain global environment.

The average price of cocoa however, decreased by 6.7% to trade at US$2,493.0 per tonne due to ample supply from major cocoa producers and reduced demand from processors and consumers, especially in Europe.

These price developments impacted on exports performance in the first half of 2021. Despite volume declines in gold and crude oil exports, total exports increased by 2.7% to US$7.6 billion mainly due to higher prices realized from crude oil and gold exports.

Total imports also increased by 5.7% to US$6.8 billion largely due to a 61.2% jump in the value of refined petroleum products imports.

The moderated export receipts relative to imports resulted in a lower trade surplus of US$837.5 million, compared with a surplus of US$1.0 billion recorded for the corresponding period of 2020.

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