The Bank of Ghana has indicated that global market prices for Ghana’s key export commodities showed mixed results, as stated during a media briefing on the Monetary Policy Committee’s recent decision to reduce the policy rate from 29% to 27%.
Governor Ernest Addison highlighted that from January to August 2024, crude oil prices dropped by 2.1%, averaging US$78.92 per barrel, driven by reduced demand from China.
In addition, U.S. cocoa prices softened to US$7,409.50 per tonne in August, after reaching a historic high of US$10,116.86 per tonne in April 2024.
Conversely, gold prices saw a significant rise of 21.3% year-to-date, averaging US$2,469.39 per fine ounce, fueled by geopolitical tensions and anticipated interest rate cuts by the U.S. Federal Reserve.