Developments on the international commodity market show that prices of Ghana’s major export commodities recorded gains relative to price conditions at the beginning of the year, the Bank of Ghana has said at its last monetary policy committee meeting on Monday, 27 November 2023.

Since January 2023, the central bank said crude oil prices have registered a 9.1 per cent increase to US$88.7 per barrel in October 2023 driven in large part by concerns about global supply shortfalls arising mainly from the extension of production cuts from Saudi Arabia and Russia.

Cocoa prices have "risen sharply to levels last seen in the 1970’s to US$3,603.3 per tonne in October 2023", the bcentral bank observed.

The 41.9 per cent increase in cocoa prices is mainly attributed to mounting concerns over tight supplies in Ivory Coast and Ghana stemming from adverse weather conditions. 

Gold prices gained 6.6 per cent to settle at US$1,913.79 per fine ounce largely due to expectations of a pause in the U.S. Federal Reserve rate hikes and demand for the commodity on account of its safe-haven status amid heightening geopolitical tensions.