The Bank of Ghana has reported a mixed reaction to the prices of Ghana’s major export commodities on the international market in the first half of the year.

The commodities are cocoa, gold and crude oil.

According to the Monetary Policy Committee Press Release dated 24th July, 2023.

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 percent to settle at US$3,185.29 per tonne in June 2022.

International benchmark crude oil prices lost 7.8 percent in the year to close at US$74.98 per barrel due to concerns that sluggish global growth could reduce energy demand, the report noted.

However, decisions by OPEC+ to deepen production cuts moderated the losses somewhat.

With regards to gold, the price of the commodity went up by 8.1 percent year-to date to settle at US$1,942.07 per fine ounce.

This was as a result of increased fears over global recession and possible slower interest rate hikes in the United States loom.

Also, increased demand for the metal from China is said to be another factor for the price hike.

Source: The Independent Ghana