Accra, Ghana, July 27, 2018//-Ghana has exported more goods than it sold to other countries in the first six months of the year 2018, mainly due to higher export receipts from crude oil.
The Bank of Ghana (BoG)put the value of goods the West African country exported to other countries at US$1.1 billion (2.1% of GDP) at the end of June 2018, reflecting higher export receipts from crude oil.
This compares with a surplus of US$1.1 billion (2.4% of GDP) recorded over the same period in 2017, the bank explained in its July Monetary Policy Committee (MPC) report.
Similarly, “Provisional data show that the current account recorded a deficit of US$334 million (0.6% of GDP) at the end of June 2018 compared to a deficit of US$181 million (0.4% of GDP) for the same period of 2017”, the Governor of the Bank of Ghana, Dr Ernest Addison said.
According to economists, the current account deficit is a measurement of a country’s trade where the value of the goods and services it imports exceeds the value of the goods and services it exports.
The current account includes net income, such as interest and dividends, and transfers, such as foreign aid, although these components make up only a small percentage of the total current account. The current account represents a country’s foreign transactions and, like the capital account, is a component of a country’s balance of payments.
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