Ghana records GH¢ 4.5bn trade deficits in 2022 – GSS Report
The value of Ghana’s total exports in 2022 stood at GH¢144.1 billion and total imports at GH¢148.6 billion, creating a trade deficit of GH¢4.5 billion.
This is contained in the Ghana Statistical Service (GSS) maiden 2022 Trade Vulnerability Report.
The report which collected the 2022 trade data highlighted Ghana’s major trading partners and the products the country exports.
It said four commodities, namely gold bullion, crude petroleum, cocoa beans, cocoa paste, constituted about three quarters (75.0 per cent) of all 2022 exports.
“Four countries, Switzerland, China, Canada and South Africa account for over half (50.0 per cent) of all exports and China, United Kingdom, Netherlands, USA, India and Switzerland were the source of about half (50.0 per cent) of all imports,” it said.
Speaking at the launch, the Government Statistician, Professor Samuel K. Annim, said gold and crude oil constituted two-thirds of Ghana exports in 2022 to Switzerland, China, Canada and South Africa, adding that Ghana exported to 161 countries while it imported from about 209 countries.
He said 48.1 per cent of gold exported last year went to Switzerland, while South Africa took 24.8 per cent and India 21.4 per cent and the rest to United Arab Emirates and other countries.
Prof. Annim said more than 75 per cent of the country mineral fuel and oil export last year went to China, Canada and Italy, with China taking 38.1 per cent of the mineral fuel and oil exports, Canada 33.0 per cent, Italy 6.9 per cent, United Arab Emirates 5.8 per cent and the rest to countries like Spain, Malaysia.
For cocoa, he said half of the exports last year went to Netherlands, United States of America and Belgium with Netherlands taking 27.6 per cent of the trade, United States of America 12.7 per cent and Belgium 9.7 per cent.
In Africa, he said about 80.6 per cent of the country’s exports went to South Africa (51.3 per cent), Burkina Faso (15.7 per cent), Cote d’Ivoire 8.2 per cent) and Togo (5.4 per cent).
Prof. Annim touching on imports, said 50 per cent of Ghana’s imports in 2022 came from China, United Kingdom, United States of America, Netherlands, India and Switzerland.
He said almost two-thirds (63.3 per cent) of Ghana’s import from Europe were from the United Kingdom (34.2 per cent), the Netherlands (19.2 per cent) and Switzerland (9.9 per cent), adding that two countries constituted almost two-thirds (62.1 per cent) of imports from China, namely China (47.7 per cent) followed by India at 14.4 per cent.
“Within Africa, South Africa is the main import trading partner, with almost a quarter (23.8 per cent) of the total value of imports from African countries followed by Egypt (14.3 per cent).
Associate Professor at the University of Ghana Institute of Statistical, Social and Economic Research, Prof. Charles Godfred Ackah, who chaired the programme said the report would provide data for planning on the country’s exports and imports.
He entreated the government to provide tax incentives and support the private sector to produce to feed the local economy and the international market.
The President of the Association of Ghana Industries, Dr Humphrey Ayim Darke, lauded GSS for the report, stressing that the report had confirmed all that AGI was asking to promote industrialisation of the country.
BY KINGSLEY ASARE
