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BoG report: Gold exports hit US$6.8 billion in 2020

The Bank of Ghana says the price of gold was influenced by the economic disruption caused by the COVID-19 pandemic as investors rebalanced their portfolios

Gold export receipts increased to US$6.8 billion in 2020, up from $6.23 billion in 2019 on account of price increases, the 2020 annual report from the Bank of Ghana (BoG) has said.

The report says the price increases were due to a strong investor appetite for gold, arising from the safe-haven status it enjoys in times of economic and political uncertainty.

The economic disruption caused by COVID-19 equally influenced gold prices as investors rebalanced their portfolios.

According to the bank report, the average realised price increased by 27.2%, reaching $1,764.16 per fine ounce, while the volume of gold exported decreased by 14.2% to 3,854,012 fine ounces in the year under review.

Crude oil

Crude oil export receipts declined by 35.2% in the review year. Total export receipts in 2020 were $2.91 billion, against $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 $43.15 per barrel, compared to $64.14 per barrel in 2019, representing a decline of 32.7%.

Restrictions on movement and slow recovery of economies from COVID-19 pandemic-induced shocks contributed to the decline in price.

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