Foreign exchange receipts or inflows to Bank of Ghana are captured under the following classification:
1. Cocoa receipts
2. Gold receipts
3. Diamond receipts
4. Manganese receipts
5. Capital receipts in the form of loans and grants, for example, HIPC Reliefs (off-shore)
6. Invisible Receipts derived from the sa le of traveller's cheques, interests,commissions, investments on treasury bills, interest on Bank International Settlement (BIS), investment interest and forex purchase.
Bank of Ghana makes foreign exchange payments under the following broad categories:
1. Visible import payments consist of oil, non-oil as well as other visible import payments.
2. Capital payments involve loan repayments to bilateral and multilateral institutions.
3. Invisible payments consist of student transfers, contractual payments, embassy transfers, management and technical services, capital subscriptions and sundry payments.
5.0 Objecsat of this Report
The objective of this Report is to present to the House an overview of the Foreign Exchange Receipts and Payments of the Bank of Ghana for the year ending 31st December 2008 as well as the comments of your Committee on the findings and recommendations of the
6.0 Overview of Foreign Exchange Receipts and Payments
6.1 Foreign Exchange Receipts
The total foreign exchange received by BoG for the second half of the year 2008 was US$3,047,611,994. Compared with US$1,520,568,191 for the corresponding period of 2007, there was an increase of US$1,527,043,803 (100%). Attached as Appendix A is the schedule of Statement of Foreign Exchange Receipts and Payments for the second half of the year ended 2008.
The main components of the foreign exchange receipts are Cocoa, Gold, Diamond, Manganese, Capital Receipts and Invisible Receipts.
Table 1 gives the breakdown of total foreign exchange receipts for 2008 as compared with 2007 receipts.
TABLE 1: Breakdown of Foreign Exchange Receipts 6 . 1 . 1 D e t a i l s o f F o r e i g n Exchange Receipts
COCOBOD surrenders 98 per cent of all its foreign exchange receipts from cocoa to Bank of Ghana and retains 2 per cent to meet its import needs.
As at 31st December, 2008, total
Foreign Exchange receipts surrendered to BoG, from COCOBOD, amounted to US$ 946,848,415. This figure, compared with the figure of US$850,279,787 for 2008 for the same period, showed an increase of US$ 96,568,628. Attached as Appendix B is the schedule for cocoa exports for the second half of the year ended 2008.
A total amount of US$728,000,000 of the amount surrendered was used to finance COCOBOD's Syndicated trade credit facility during the period.
Total Tonnage Exported
Total tonnage of Cocoa beans and cocoa products exported for the year amounted to 231,752 tonnes. Table 2 gives the breakdown of tonnes of cocoa beans and cocoa products exported in 2008 as compared with 2007.
Table 2: Comparative Analysis of Cocoa Exports
From the Table, overall cocoa exports in tons increased by 29,884.
Total gold earnings surrendered to BoG for the period amounted to US$197,305,003. This figure was significantly higher by US$ 37,684,281over the total amount of
US$ 159,620,722 received for the same period for 2007. Attached as Appendix B is the schedule for Gold export for the second half of the year ended 2008.
These inflows represent portions of
proceeds that are to be remitted into the
country through the Bank of Ghana by
the licensed gold exporters. Percentages
surrendered are between 20 per cent and
40 per cent of total gold exports.
Table 3 shows the list of Gold
Companies operating in Ghana and their
repatriation percentages for the year under
review: Table 3: Gold Export Earnings
For the half year, a total of 1,274,391
ounces of gold was exported. Compared with an amount of 903,084 ounces for
2007, there was an increase of 371,307 ounces (41.1 per cent).
TABLE 1 HERE
(1.20pm. -- p5)
No diamonds were exported during the period. This was due to the closure of Ghana Consolidated Diamonds Company Limited.
Total Foreign Exchange Receipts surrendered from the export of manganese amounted to US$4.29 million. This represents 20 per cent of total export receipts of manganese by the Ghana Manganese Company.
The Company retained the remaining 80 per cent of its receipts offshore to meet its import needs. Please, find attached details
of Manganese Receipts as Appendix B.
126.96.36.199 Capital Receipts
Total Capital Receipts in the form of loans and grants for the half year 2008 amounted to US$268.40 million. This figure shows a significant increase of 559 per cent (227.65 million) over the figure of 2007 which amounted to US$40,748,384. Attached as Appendix C is the schedule Capital Receipts for the second half of the year ended 2008.
Below Table 4 provides the breakdown of the various sources of Capital Receipts for the year as compared with 2007:
Table 4 : Analysis of Capital Receipts
From the Table, the increase was due to grants received from the African
million. Foreign exchange payments are usually made up of visible imports, capital payments and invisible payments. Visible imports are made up of oil, non-oil and other imports. Attached as Appendix E is the schedule outward payment for the second half of