Gold exports reached $7.60 billion, marking a 15.0% increase compared to the previous year.
This growth is primarily attributed to a 9.2% rise in export volume and a 5.4% increase in the average realized price.
The surge in export volume was fueled by enhanced gold production, notably from the Newmont Ahafo Mine expansion, resumed operations at Anglogold Ashanti Obuasi Mine, and higher contributions from small-scale miners, as outlined in the 2024 Bank of Ghana Annual Report.
The average realized price for gold in 2023 stood at $1,843.13 per fine ounce.
On the other hand, crude oil exports experienced a significant decline of 39.3% in 2023, with earnings totaling $3.84 billion, down by 29.3% from the $5.43 billion recorded in 2022.
This drop in earnings was influenced by reduced prices and export volumes.
Export volumes decreased by 13.4% year-on-year to 46.9 million barrels, primarily due to decreased production from the Jubilee and TEN fields. The average realized price also fell by 18.4% to $81.78 per barrel.
Cocoa exports saw an 8.4% decline, with total earnings amounting to $2.12 billion in 2023, lower than the earnings in 2022. Cocoa beans exports specifically reached $1.31 billion by the end of December 2023, 1.1% lower than in 2022, mainly due to a 0.2% price drop and a 0.9% decrease in export volumes.
The average price and volume of exports for cocoa beans settled at $2,465.47 per tonne and 533,056.34 tonnes, respectively.
Meanwhile, cocoa products’ average price increased by 7.1% to $3,289.39 per tonne, but volume dropped by 23.8% to 240,896.35 tonnes, resulting in an 18.4% decrease in earnings to $792.40 million.
Timber export receipts declined by 11.7% to $142.55 million by the end of December 2023, mainly due to a 15.5% reduction in volume to 290,306.26 cubic meters.
Nonetheless, the average realized price per cubic meter of timber increased to $491.02 in 2023 from $469.99 in 2022.