Gold exports in 2023 amounted to $7.60 billion, representing a year-on-year increase of 15.0%.

This is mainly due to a 9.2% increase in the volume of exports and a 5.4% increase in the average realised price.

According to the 2024 Bank of Ghana Annual Report, the rise in the volume of exports was due to improved gold production attributed to the expansion of the Newmont Ahafo Mine, resumption of operations at Anglogold Ashanti Obuasi Mine, and increased volumes from small-scale miners.

The average realised price of gold in 2023 was $1,843.13 per fine ounce.

Crude oil exports dropped 39.3% in 2023

Meanwhile, earnings from crude oil exports amounted to $3.84 billion in 2023, 29.3% lower than the $5.43 billion recorded in 2022.

The lower earnings were driven by a decline in both prices and export volumes. Exports volumes reduced by 13.4%, year-on-year, to 46.9 million barrels, driven mainly by lower production from the Jubilee and TEN fields.

The average realised price also declined by 18.4% to settle at $81.78 per barrel.

Cocoa exports fall by 8.4%

Exports of cocoa beans and products amounted to $2.12 billion in 2023, 8.4% lower than the earnings in 2022.

Cocoa beans exports at end-December 2023 was $1.31 billion, 1.1% lower than the value recorded in 2022.

The fall in value was mainly due to a price drop of 0.2% as well as a 0.9% decrease in export volumes. The price and volume of exports closed the year at $2,465.47 per tonne and 533,056.34 tonnes, respectively.

For cocoa products, the average price increased by 7.1% to settle at $3,289.39 per tonne, but volume declined by 23.8% to 240,896.35 tonnes. This led to a decrease in earnings by 18.4% to $792.40 million.

Provisional data showed that timber export receipts declined by 11.7% to $142.55 million at end-December 2023, mainly due to a reduction in volume, which fell by 15.5% cent to 290,306.26 cubic meters.

However, the average realised price of a cubic metre of timber increased to $491.02 in 2023, from $469.99 in 2022.