The Ghana Statistical Service (GSS) has revealed Ghana recorded a trade surplus of GHC5.3 Billion in 2023, with total exports of GHC186.0 Billion and imports of GHC180.7 Billion.
This is in contrast to the previous year which Ghana faced a trade deficit.
This was revealed at the launch of the Ghana 2023 Trade Report held in Accra on Thursday, May 30, 2024.
The Ghana Statistical Service released the Ghana 2023 Trade Report, alongside two new reports, thus the Q1 2024 Quarterly Trade Newsletter and the Export and Import Price Indices.
The report presented an in-depth assessment of Ghana’s trading patterns by analyzing trade by partner country and commodity. It included a specific section on the various modes of transportation used in the importation and exportation of goods.
The report again featured a section dedicated to trade in food products, offering a comprehensive view of the sector.
The purpose of the report was to provide a statistical basis for policymakers and other stakeholders to engage and make informed decisions that will transform Ghana’s trade for sustainable development.
Presenting the Ghana 2023 Trade Report, QI 2024 quarterly trade newsletter, and export and import price indices, Government Statistician, Prof. Samuel Kobina Annim revealed Ghana imported from 214 countries and exported 159 in 2023, compared to 208 and 160 respectively in 2022.
He revealed that three products accounted for 80.6 percent of all exports in 2023.
He explained that Gold generated GHC84.4 billion, mineral fuels and oils generated GHC44.6 billion, and cocoa beans and products generated GHC20.9 billion as compared to 80.5 percent in 2022.
The Government Statistician noted that the top imported commodity was mineral fuels and oil, which amounted to GHCC58.0 billion, representing almost one-third(32.1%) of the total imports in 2023. This represents an increase of 5.3 percentage points compared to 2022.
He also noted that Asia and Europe were Ghana’s main trading partners for both exports and imports in 2022 as well as in 2023.
According to him, in 2023, there was a significant increase in the share of trade with Asia, noting that for exports, Asia’s share has increased by 2.1 percentage points with imports by 4.1 percentage points, thereby surpassing Europe as the main continent of origin for imports.
Prof. Samuel Kobina Annim also noted that Export values exceed imports for Africa, North America and South America, with Ghana exporting about twice as much to other African countries than it imports from them in both 2022 and 2023.
He again noted that the type of products that are exported to different continents has not changed much from 2022 to 2023.
“In 2023, gold was the main export product to Europe (51.9%), Asia(56.2%), and Africa (47.5%) while mineral fuels and oils dominated exports to North America (72.9%).
Meanwhile, Prof. Samuel Kobina Annim noted cocoa beans and cocoa paste collectively contributed 47.0 percent to Ghana’s exported food products, with cocoa beans alone accounting for 36.1 percent and cocoa paste 10.9 percent.
This means that cocoa was the most exported food product in 2023 while cereals were also the most imported food product in 2023.
Prof. Samuel Kobina Annim said,”When examining trade with neighboring countries, Ghana demonstrates strength in exporting, particularly to Burkina Faso, while its import volumes vary, with Togo and Cote d’Ivoire showing lower figures.”
He continued that, “Efforts to broaden export categories, particularly in the food sector, have been somewhat limited, with cocoa products, nuts, and fruits comprising a significant portion of food exports. Likewise, a focused selection of food products predominates Ghana’s imports, indicating the potential for enhanced diversification in this sector.”
He again stated “These insights can inform Ghana’s policy formulation efforts aimed at promoting trade, economic growth, and poverty reduction. By focusing on enhancing export competitiveness, diversifying export products, and optimizing transport infrastructure, Ghana can further capitalize on its trading potential and bolster its economic development agenda.”
Ghana | Atinkaonline.com |Porcia Oforiwaa Ofori
