The weighted average price of the three major commodities exported by Ghana, that is cocoa, gold and crude oil decreased by 0.9 percent in August 2022, according to data from the Bank of Ghana.
The fall in the overall index was mainly influenced by crude oil prices, which decreased by 7.0 percent, while cocoa and gold prices increased by 2.3 percent and 1.5 percent, respectively.
Cocoa futures settled at an average price of US$2,386 per tonne in August 2022, up by 2.3 percent relative to the previous month. Compared to the same time last year, however, prices declined by 6.7 percent.
Fears of low supply due to dry weather concerns and below-average rains in most of the cocoa growing areas across Cote d’Ivoire and Ghana supported the marginal uptick in prices.
Crude oil prices closed the month of August at an average price of US$97.74 per barrel, representing a year-to-date gain of 30.7 percent and a year-on-year gain of 38.6 percent. Oil prices inched higher on hopes of production cuts by OPEC and its allies to restore market balance in response to the possible revival of Iran’s nuclear deal.
Spot gold prices recorded some gains during the month of August, increasing by 1.5 percent month-on-month to settle at an average price of US$1,763.71 per fine ounce. From the beginning of the year to August 2022, however, prices of the yellow metal declined by 1.5 percent.
Year-on-year, gold lost 1.2 percent on the back of a strong US dollar and hawkish comments coming from the US Federal Reserve pointing to higher future interest rates.
