The Ghana Statistical Service (GSS) has unveilled its latest Ghana 2023 Mid-Year Trade Report, showing a significant transformation in trade dynamics.
The report spotlighted a trade surplus of GH¢2.4billion in first-half 2023, marking a stark contrast to the trade deficit of GH¢2.3billion experienced in the same period of 2022.
Notably, shifts in both export and import values have been observed – with the first half of 2023 witnessing a GH¢24.3billion rise in exports and a GH¢19.6billion surge in imports.
When examining these figures in US dollars though, a different narrative emerges. Imports decreased by US$1.1billion compared to the corresponding period in 2022, while exports saw a decline of US$1.7billion. This underscores the necessity for adaptive trade policies capable of navigating currency fluctuations.
Cocoa products and edible fruit and nuts persist as dominant players – accounting for 80.3 percent of total food product exports. Similarly, ten specific food items constituted over 50 percent of all food imports in first-half 2023, reflecting a concentrated import pattern.
However, an intriguing revelation surfaced regarding intra-African trade, with African countries becoming the destination for 22 percent of Ghana’s global exports while also contributing 9.1 percent to the country’s imports.
This unveils untapped potential for bolstering intra-African trade relationships. Notably, the first half of 2023 showcased Ghana outpacing its exports to other African nations compared to imports from the continent.
Despite ECOWAS accounting for less than half of Ghana’s intra-African trade for both imports and exports, there remains substantial room to leverage the benefits of existing trade agreements within this regional bloc.
The report highlights a plethora of trade prospects within ECOWAS, emphasising Ghana’s tailored approach to cater for the specific needs and preferences of each partner country.
Ghana’s reliance on gold exports remains dominant, constituting over 43.1 percent of all exports.
The report buttresses the nation’s objectives to diversify trade and enhance economic returns from external trade.
