BoG report: Gold exports hit US$6.80 billion in 2020

Gold Investment

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 was 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.

Gh Extractives is an independent multimedia portal that seeks to provide credible information and news content to readers especially players in the extractive sector in Ghana, Africa and beyond. It also provides a unique platform for players in the energy sector to market their products and reach a wider audience

View All Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.