Business24 Newspaper (May 1-2020)

Page 1

EDITION B24 | 37

THEBUSINESS24ONLINE.NET

FRIDAY MAY 1, 2020

COVID-19: Export revenue projected to fall by US$1.8bn Domestic flights resume today

…Kumasi, Tamale first two destinations

MORE ON PAGE 3

Export revenue provides a key source of income for many Ghanaians engaged in the agricultural value chain MORE ON PAGE 2

BY NII ANNERQUAYE ABBEY

The International Monetary Fund (IMF) is forecasting that Ghana’s export earnings will drop by US$1.8bn this year, as the COVID-19 pandemic drives down global crude oil prices and pushes the country’s economy to decelerate. In 2019, the country exported goods and services amounting

to US$15.6bn, but the Fund is projecting that given the economic impact of the virus, the country would rake in US$13.8 billion, representing an 11.7 percent decline. Apart from the virus hitting export revenues, the Fund, in its latest country report, estimated that the economy’s import expenditure for 2020 would be lower than the amount for 2019.

Last year, the country’s total import bill was US$13.4bn, but this year, largely because of lower crude oil prices, the Fund is forecasting that goods worth US$11.6bn will come through the various entry ports. The IMF’s report, which indicates that the COVID-19 pandemic will create bigger balance of payments challenges for Ghana, further predicted

Ghana is 44th best country in budget transparency MORE ON PAGE 3

Vivo Energy Launches Retailer Sustainability Programme on COVID-19 MORE ON PAGE 5

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

USD$1 =GH¢5.6896*

EXCHANGE RATE (BANK RATE)

USD$1 =GH¢5900.*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

7.8%*

PROJECTED GDP GROWTH RATE PRIMARY BALANCE.

1.5% -1.1% OF GDP

AVERAGE PETROL & DIESEL PRICE:

GHc 5.13*

INTERNATIONAL MARKET BRENT CRUDE $/BARREL

20.46

NATURAL GAS $/MILLION BTUS

1.79

GOLD $/TROY OUNCE

1,703.95

CORN $/BUSHEL

329.50

COCOA $/METRIC TON

2,342

COFFEE $/POUND:

+5.70 ($108.30)

COPPER USD/T OZ.

220.15

SILVER $/TROY OUNCE:

16.39

Copyright @ 2020 Business24 Limited. All Rights Reserved. Tel: +233 030 296 5297 editor@thebsuiness24online.net


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