Exports of cocoa beans and products increased by 5.0 per cent to US$2.29 billion in 2019, the Bank of Ghana (BoG) has said in its 2019 Annual Report.

The report said cocoa beans exported amounted to US$1.45 billion, an increase of 3.2 per cent compared to the value in 2018.

The average realised price of cocoa beans increased by 8.8 per cent to US$2,366.94 per tonne, while export volume fell by 5.2 per cent to 613,184 tonnes.

Earnings from cocoa products increased by 8.2 per cent to US$0.84 billion, on account of both price and volume effects.

The reporter further indicated that the value of timber exports fell by 23.7 per cent to US$0.17 billion, the Bank of Ghana has announced.

The BoG said the average realised price decreased to US$562.47 per cubic metre in 2019, from US$671.04 per cubic metre in 2018. Volume exported declined to 300,455 cubic metres in 2019, from 330,042 cubic metres in 2018.

Regarding Other Exports, the BoG said the value of “other exports” which is made up of nontraditional exports and other minerals (aluminum alloys, bauxite, diamond and manganese) was estimated at US$2.49 billion, US$0.05 billion lower than the outturn in 2018.

On Merchandise Imports, the central bank said the total value of imports for 2019 was estimated at US$13.41 billion, up by 2.1 per cent compared to the outturn in 2018.

“The value of oil imports (comprising crude, gas and finished products) decreased to US$2.42 billion in 2019, from US$2.58 billion in 2018, driven largely by lower oil prices on the international market. However, non-oil imports expanded in 2019 to US$10.99 billion, a 4.1 per cent increase compared to the position in 2018,” the BoG said.