Gold exports receipts in 2020 increased to US$6.80 billion, from US$6.23 billion in 2019 on account of price increases, Bank of Ghana’s (BoG’s)2020 annual report has stated.
The report said the gold price increase was due to a strong investor appetite for the metal arising from the safe-haven status it enjoys in times of economic and political uncertainty.
The economic disruptions caused by COVID-19 influenced the price of gold, as investors rebalanced their portfolios.
According to the report, the average realised price increased by 27.2%, to US$1,764.16 per fine ounce, while the volume of gold exported decreased by 14.2% to 3,854,012 fine ounces in the review year.
Crude oil exports
Crude oil export receipts declined by 35.2 per cent in the review year. Total export receipts in 2020 were US$2.91 billion compared to US$4.49 billion in 2019.
The volume of crude oil exported declined by 3.7%, to 67,458,206 barrels. The average realised price of crude oil in 2020 was US$43.15 per barrel, compared to US$64.14 per barrel in 2019, representing a decline of 32.7%.
Restrictions on movements and the slow recovery of economies from the COVID-19 pandemic-induced shocks contributed to the price decline.