COMMODITY MARKET PERFORMANCE REVIEW FOR APRIL 2023

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Gold (0.015%), Cocoa (0.082%) and Coffee (0.113%) were the top 3 price gainers on the international 

commodity market in April 2023. Driven by signs of lower demand and expectations of economic 

slowdown, Brent Crude Oil prices saw a decline in which a barrel is been traded at USD 

79.54 at the end of the trading section in  April 2023 representing  about  -0.003%.  From the 

table below, Brent crude oil which started the month at USD 79.77 closed the month at 

about 23 cents lower.




This means that the drop in oil prices could cause a shift in real income from oil exporters to importers. Importers will be buying at a cheaper price. This could result in a net positive effect on global activity in the medium term. The loss in oil revenues for exporters will put a strain on public finances. However, savings among oil importers could help rebuild fiscal space. For example, Ghana is the importer of crude oil hence lower oil prices will create a chance to implement structural reforms.

However,  Gold, Cocoa, and Coffee made a price gain, representing 0.015%, 0.082% and 0.113% respectively. From the data, we could observe that Coffee made the highest gain. It started the month with USD 1.705 and closed the month at about USD 1.899, a 0.1935 cents change. Followed by Cocoa which saw a 0.0821% increase from USD 2933 per tonne to USD 3174 per tone. Lastly, Gold Started the month with USD 1969 and closed the month at USD 1999, a USD 30.1 change.

                        Image credit @google. Picture contains the commodity known as Cocoa

 Ghana is the largest exporter of cocoa,  the leading gold producer in Africa and the sixth-highest producer in the world. The increase in the price of these commodities especially cocoa and gold will help the government of Ghana implement its policies.

 Cocoa is important for foreign exchange earnings and stabilization of the local currency. It accounts for an average of 30 per cent of our total export earnings and is the only commodity for which we have 100 per cent retention of foreign exchange.

 According to an economist at the Ghana Statistical Services, Dr Johnson Ahiadome, the market in April has been on a trend, except for crude oil. The weak global growth has impacted fundamentals, including demand, which has not been quite good. Additionally, the supply has been affected, particularly flows from Russia.



 In summary, the agricultural industry specifically cocoa, gold and coffee has contributed significantly to Ghana's economic expansion in April 2023.

 

The graph below shows the change in the percentage of the commodities market in April 2023.

 

 
 Story by 
Joyce Yamble
Richard Mawuvi Doe
Cindy Seyram Lanyo
Jennifer Eyram Anchor

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