“The global financial crisis that emanated from the United States is the worst financial crisis since the Great Depression of the 1930s. This crisis started in late 2007 and intensified throughout 2008. From early 2008 onwards, the value of shares in major markets around the world dropped significantly compared to previous years’ levels. With a severe recession expected in Western countries in 2009, the demand for Ghana’s traditional export commodities such as cocoa, gold and timber is likely to fall with relatively lower levels of world market prices of these commodities. The country is therefore likely to experience continuously high trade deficits even with the fall in the international prices of oil of which Ghana imports substantial quantities. The three traditional export commodities of Ghana (gold, cocoa; and timber) account for about 70 per cent of total exports earnings of the country.”
