The prices of Ghana’s major export commodities (cocoa, gold and crude oil) traded mixed on the international market in the first half year, the central bank has reported.
Cocoa prices surged to record highs last seen over a decade ago, triggered by tight supplies from West Africa coupled with expectations of a global deficit in the 2022/2023 crop season.
On a year-to-date basis, cocoa beans gained 25.5 per cent to settle at US$3,185.29 per tonne in June 2023.
International benchmark crude oil prices lost 7.8 per cent in the year to close at US$74.98 per barrel due to concerns that sluggish global growth could reduce energy demand. However, decisions by OPEC+ to deepen production cuts “moderated the losses somewhat”, Governor Ernest Addison told reporters in Accra on Monday, 24 July 2023 after the last monetary policy committee meeting.
He said the price of gold went up by 8.1 per cent year-to-date to settle at US$1,942.07 per fine ounce as increased fears over global recession and possible slower interest rate hikes in the United States loom.
Increased demand for the metal from China also helped to push up prices, he said.
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