In 2022, Ghana encountered a noticeable trade imbalance, as unveiled by the inaugural Trade Vulnerability Report from the Ghana Statistical Service.
The report exposes that Ghana’s imports outpaced its exports by a considerable GH₵4.5 billion, spotlighting a substantial economic challenge.
The most pronounced contrast occurred in September, when imports exceeded exports by over GHS 4 billion.
“In nine out of the 12 months in 2022, the value of imports was higher than exports. The largest variation in the month where imports exceeded exports was recorded in September (GH₵4.5 billion).”
Ghana
Furthermore, the report underscores that Ghana’s import transactions spanned 209 countries, presenting a significant contrast with its export engagement involving 161 countries.
Professor Samuel Kobina Annim, the Government Statistician, presented the report’s findings, emphasizing its value as a tool for policymakers, economists, and stakeholders. He highlighted its role in providing crucial insights to guide future strategies, aimed at cultivating a more balanced and resilient trade landscape.
The report unveils that Ghana’s top three export commodities are gold (37.5%), mineral fuels and oils (30.6%), and cocoa beans and products (12.4%), constituting over 80.0 percent of total exports.
Mineral fuels and oils represent more than a quarter (26.8%) of total imports, followed by machinery and electrical equipment (13.3%) and chemical products (10.7%).
Ghana’s trade connections, encompassing both exports and imports, are predominantly with Europe, accounting for more than a third of all exports (35.9%) and imports (39.2%). Asia follows closely, contributing 28.5 percent of exports and 37.2 percent of imports.
Source – citinewsroom.com
