Though Ghana remains a highly import-driven economy, the 2023 trade report released by the Ghana Statistical Service (GSS) has shown a marginal increase in exports in 2023 as compared to the previous year 2022.
Whilst the total export in 2022 amounted to 143.8 billion Ghana cedis as against imports in the same year 148.6 billion cedis, there has been a marginal increase in 2023 as the total export by the country stood at 186.0 billion cedis as against 180.7 billion cedis in imports.
The Ghana Statistical Service has revealed that three products accounted for 80.6 percent of all exports in 2023: gold (84.4. Billion cedis), minerals fuel and oils (44.6 billion cedis), and cocoa beans and products (20.9 billion cedis) compared to 80.5 percent in 2022.
The top imported commodity was mineral fuels and oils, amounting to 58 billion cedis representing almost one-third of (32.1 percent) of the total imports in 2023. Asia and Europe remain the main trading partners of Ghana in both 2022 and 2023.
Cocoa a major export commodity suffered a sharp decline in the first quarter of 2024 as compared to 2021,2022 and 2023 due to the impact of the cocoa swollen shoot virus disease (CSSVD). The relative average first-quarter export earnings from 2021 to 2023 stood at 825.8 million dollars has decreased to 592.2 million dollars in 2024 representing 32.8 percent owing to the the disease.
The Statical Service however indicated that the country’s trade flow increases have been have been mainly driven by upward price changes rather than increases in output.
Source: Ghana/Starrfm.com/103.5FM/Calvin Powell
