The  external  sector  has  shown  some  improvements  in  recent  years.  Increases  in  export  receipts   from   cocoa   and   gold   as   well   as   donor   support   have   significantly   helped   to   boost   external   sector’s  performance.  However,  the  high  price  of  crude  oil  has  led  to  increases  in  the  import  bill   and  virtually  offset  all  the  gains  made  as  indicated  in  Table  4.3.     Table  4.3:  Summary  of  Balance  of  Payments,  2003-­‐2007,  US  $  million      Item   2003     2004     2005     2006     2007*   Current  Accounts     278.02       -­‐315.8     -­‐773.41     -­‐810.26                -­‐1,884.73   Merchandise  Exports   2562.4     2704.5     2802.2     3726.68                        4,194.71           Merchandise  Imports   -­‐3232.8     -­‐4297.3     -­‐5345.4     -­‐6753.68     -­‐8,073.57   Trade  Balance   -­‐670.4     -­‐1592.8     -­‐2545.1     -­‐3027.00     -­‐3,878.86   Overall  balance     558.3     -­‐10.5     84.3     415.18     -­‐413.11   Source:  Bank  of  Ghana,  *  -­‐  provisional   The   trade   balance   was   in   a   deficit   of   USD3,027   million   in   2006.   The   deficit   increased   to   USD3,878.86   millionin   2007.   Also,   the   overall   balance   of   payments   which   increased   by   more   than  400  percent  from  about  84.3  million  US  dollars  in  2005  to  about  415.1  million  US  dollars  in   2006   took   a   turn   in   the   opposite   direction   and   recorded   a   deficit   of   about   413.11   million   US   dollars   in   2007.   Recent   increase   in   the   price   of   oil   and   its   impact   on   macroeconomic   stability   69